Property News

Monday, May 21, 2007

London house prices still on the rise

According to the latest property figures from Knight Frank, London house prices have continued to boom.

Prices of the best properties in central London have risen by over 33% in the 12 months to the end of April 2007. This is the fastest rate of growth since mid 1979 and means that prices in central London are now rising at three times the rate seen in the wider UK market. The most expensive properties have seen the fastest rate of growth, with prices in Belgravia and Knightsbridge rising in excess of 40% over the 12 month period.

Liam Bailey, head of residential research at Knight Frank pointed out that "London's traditional spring market rush starts earlier and earlier every year, for the past two years the season has opened in December rather than March, and has run on well into May. The early part of 2007 saw an incredibly active market, with price growth totalling nearly 11.9% in the first quarter."


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