Property News

Monday, February 12, 2007

South West London sees strong price growth

The latest results from Knight Frank's London House Price Index reveal the strongest rate of price growth since 1979, with prices climbing 30.5% in the year to January.

International demand, the City bonus season and low supply have all helped push London prices higher. Annual growth stands at 30.5%, with prices growing 8.6% in November, December and January.

In January alone prices rose by 3%, the fastest monthly growth rate on record. Price growth has been led by South West prime London postcodes, an area including Belgravia and Knightsbridge. This is the most international residential market in London. The influx of overseas buyers - European, Russian, Indian and Middle Eastern - has seen this area lead price growth. Prices rose 38.2% for houses and 36.0% for flats in this area in the year to the end of January.

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