House prices in upmarket London still soaring despite financial gloom | Mail Online

House prices in upmarket London still soaring despite financial gloom | Mail Online

House prices in the poshest parts of London are still soaring despite the gloom gripping financial markets this summer as overseas buyers take advantage of low interest rates and the relatively weak pound.

Estate agents Knight Frank said prices across London’s most upmarket areas such as Mayfair and Knightsbridge rose 10.5pc in August compared with the same month last year.

Liam Bailey, head of residential research for Knight Frank, said: ‘In trying to explain the strength of the current recovery we should note that while purchasers buying with sterling are now paying prices in excess of 2008 peak prices, eurozone buyers are still able to achieve a 10pc discount on 2008 prices and US dollar buyers an 18pc discount.’