Assetz® News - Central London house prices up 10%
Luxury homes across central London are up 10% in price thanks to increased demand for UK property over the past year.
Since 2010, the prices have been driven upwards by wealthy Europeans attempting to invest outside the eurozone.
Luxury property prices have jumped 9.6% since July 2010, according to the latest Prime Central London Index from estate agent Knight Frank.
And they are 28% higher than prices in March 2009, during the post-financial crisis trough.
The biggest price leap has been seen across properties in Chelsea and Mayfair, with values up 7.7% and 7.2% respectively over the past six months.
Head of London residential at Knight Frank, Noel Flint, said: "Once again, the main reasons for the level of demand in the prime central London market can be attributed to the increased presence of overseas purchasers and low stock levels.
"In the last month our offices have seen more interest from buyers from continental Europe."
Copyright Press Association 2011
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