Prime central London property prices soar | Breaking News | LondonlovesBusiness .com
The price of prime central London properties has increased sharply during 2011, according to a report.
Property prices in the heart of the capital went up by 1.1 per cent in the final three months of the year, Cluttons’ London View: Winter 2011 report found. Prices have increased by 7.9 per cent over the course of the year.
The property consultant said prices are now just 2.5 per cent below those seen when the market reached its peak in the third quarter of 2007. Average property prices in central London are forecast to be £1.72m by the end of the year. This growth is in line with the growth of almost eight per cent it forecasted for the year.
Of the areas to perform best in the last quarter, central north-west London experienced growth of 1.5 per cent over the last three months, while central south-west London saw property prices go up by 2.5 per cent.
The report states that demand levels for property are running at significantly high levels, with buyers rushing to register interest in a property once a suitable one is listed. However, this has led to supply levels falling in central London.
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