1 Aug

Property for sale in London sees sustained high demand

Property for sale in London sees sustained high demand

Property for sale in London, particularly the prime central spots, has reached an all-time high, latest figures from Knight Frank have revealed.

According to the company's research, prime London property prices have risen by 9.6 per cent over the last 12 months, and now stand at 35 per cent higher than the trough seen in March 2009 after the credit crunch.

Meanwhile, property to rent in London rose by 0.3 per cent in July, adding up to a one per cent increase over the past three months, and one per cent higher than their previous peak in March 2008.

Grainne Gilmore, head of UK residential research at Knight Frank, said the results highlight the huge difference between the central London market and the rest of the UK, where average values have fallen by over one per cent during the same period.

"The rising level of supply has gone some way to addressing pent-up demand in the market, but the desire for prime properties in the capital looks set to continue, signalling a further rise in prices throughout the rest of the year, albeit at a more modest pace," she added.

The strongest sales markets were seen to be in Chelsea and Mayfair, where prices have risen by 7.7 per cent and 7.2 per cent respectively over the last six months.

Noel Flint, head of London residential at Knight Frank, went on to say that the increased presence of overseas purchasers and low stock levels have combined to form the high level of demand for property for sale in London.

"In the last month our offices have seen more interest from buyers from continental Europe, possibly due to the ongoing eurozone crisis as well as London providing a more cosmopolitan lifestyle," he added.

Last month, Knight Frank revised its forecast for prime central London price growth from three per cent to nine per cent for the year.ADNFCR-1222-ID-800668003-ADNFCR

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