4 Feb

Central London property prices continue to grow, research shows

Central London property prices continue to grow, research shows

Property values in prime central London locations have experienced their tenth consecutive month of growth, according to new figures.

Research conducted by independent global property consultancy Knight Frank found that prices of residential properties in London increased by 1.1 per cent in January.

Prices on the market are 15 per cent higher than their lowest levels, which were reached in March last year. However, the company pointed out that despite the growth, values are still 12 per cent down on their highest point, which was attained in March 2008.

Liam Bailey, head of residential research at Knight Frank, said that government stimulus and low interest rates have helped to boost the sector and have resulted in "boom rates of price growth".

He also explained that the lack of supply of properties on the market compared with demand from buyers is continuing to drive growth in the industry.

"As we stand at the beginning of the 2010 spring market, there still seems to be considerable life left in the recovery in pricing," Mr Bailey commented.

On February 2nd, the organisation published data which revealed that British residential development land values increased by 2.1 per cent in the final quarter of 2009.ADNFCR-1222-ID-19598435-ADNFCR

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