15 Feb

Central London property market 'has made a strong start to 2010'

Central London property market 'has made a strong start to 2010'

The prime central London property market has made a good start to the year, according to new analysis.

Research from Savills revealed that demand relative to supply in the sector in January was 26 per cent higher than the 2003 to 2007 five-year average for the same month.

Lucian Cook, director of residential research at the estate agency, explained that a shortage of properties for sale has been driving the market forwards.

"Set against buyer demand levels, there is no sign yet of the price rises seen in the closing months of 2009 being reversed," he stated.

According to the company, the value of prime central London house prices increased by 4.6 per cent during the final three months of 2009.

However, Mr Cook commented that Savills still expects average property values to drop by one per cent over the course of 2010.

At the beginning of January, researchers at the organisation predicted that house prices around Britain will beat inflation by 40 per cent over the next decade.ADNFCR-1222-ID-19616233-ADNFCR

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