Prime Residential Market prices hit new record levels.
20 January 2012
Prime Central London prices have hit new record levels, rising nearly 40% since March 2009, according to a report by property agents Knight Frank.
The prime residential market remains buoyant. Prices have rising strongly since the post crash trough of 2009 and are now more than 5% higher than the previous peak in March 2010. Price growth over the last 12 months has averaged 12.6%, with a strongest rise of 16.1% recorded in the £2.5m to £5m bracket.
Average prices for prime central London properties have hit £3.9m, meaning that a typical prime London property has risen in value by more than £1,202 per day over the past year.
The Knight Frank analysis of the prime residential marketing in the three months to November 2011 confirms a positive picture of demand and sales activity. Despite the global economic instability the forecast for the prime central London market is 2012 is for positive price growth, however at a slower pace than the market has seen over the past two years - with an expected rise of 5% across the whole year.
Source: Knight Frank (November 2011) - Residential Research: Prime Central London Index
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