5 Feb

London prices up for fourth month in a row

London prices up for fourth month in a row

London property prices were up during January for the fourth consecutive month, a new study has revealed.

Figures from estate agents Knight Frank indicate that house price inflation stood at 1.1 per cent during the period.

This was the highest rate recorded since the credit crunch began in September last year and brought annual average house price growth to 26.2 per cent.

Commenting on the findings, Liam Bailey, head of residential research at Knight Frank, said: "While a gradual slow down continues to take its toll on the main housing market, properties in prime central London appear to be proving resilient against the background of continued economic uncertainty."

Mr Bailey identified continued investment from City firms as the principal reason for the robustness of London’s market.

He explained: "While prices in the capital have been adversely affected by the effects of the credit crunch, the City is continuing to provide a catalyst for the market."

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