4 Jul

Price of property for sale in London continues to rise

Price of property for sale in London continues to rise

Flats and houses for sale in London have reached a record price high, research has found.

Prime London property experienced price rises of 0.9 per cent in June, boosting annual growth to 8.3 per cent, Knight Frank has revealed.

The property firm claims prices are now two per cent higher than their previous peak in March 2008.

Also, overall prices have risen by 34 per cent since their recession low of March 2009.

In light of these figures and the steady demand for property for sale in London, Knight Frank has revised its price growth forecase from three per cent to nine per cent for 2011.

Liam Bailey, head of the company's residential research division, says strong market conditions are expected in the coming months.

He continued: "More tellingly there appears to be a new wave of sales coming through, with the volume of properties going under-offer (sold subject to contract) rising by 52 per cent year-on-year in June."ADNFCR-1222-ID-800610680-ADNFCR

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