10 Mar

London flat set to cost £36 million

London flat set to cost £36 million

The average small London flat could cost £36 million by 2050, according to the latest predictions.

London Capital Portfolio (LCP) believes areas of the capital, such as Mayfair, could see strong price rises over the coming decades as demand continues to outstrip supply, reports the Guardian.

Hugh Best, LCP's investment director, explained the average price of a prime central apartment in London is now worth around £1.5 million and has been increasing in value by around nine per year, with little evidence suggesting this growth will slow down.

He added: "At a nine per cent growth rate, the average £1.5 million flat will fetch £6.3 million by 2030 and £36 million by 2050."

Last week, a one-bedroom flat in Mayfair which is slightly smaller than the size of a train carriage went on sale in London for £1 million. Measuring 461 square feet, the property reflects the strong desire of people to live in fashionable parts of the capital.ADNFCR-1222-ID-801701650-ADNFCR

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