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No slowdown in prime central London market

Monday, 6 February 2012 11:19 AM

Prices of prime central London property continued to surge in January with a 0.9 per cent rise taking the increase over the last three months to 2.7 per cent, according to Knight Frank.

The property firm said the three-month rate was the highest since July 2011 and annual growth now stands at 11.9 per cent. That puts prices 42 per cent up on the low point of March 2009.

Price increases were strongest for homes in the £1m to £2.5m bracket at 14.4 per cent over the last 12 months.

The growth reflects a 10 per cent increase in demand as shown by new applicant volumes exceeding a six per cent increase in supply as shown in stock volumes.

The market for homes worth over £5 million is now seeing 6.4 buyers per property compared to a historic average of 3.4.

Prices for prime property in the City and Fringe, an area Knight Frank added to the index last year, matched the wider market with an increase of 0.8 per cent in January.

Liam Bailey, Knight Frank head of residential research, said: "Our outlook remains that prices will rise five per cent in 2012, driven in large part by international demand and relatively constrained supply."

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Knight Frank said price growth over the past year was especially strong in the £1m to £2.5m bracket. Image:Thinkstock

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