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London premises soars
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London premises soars
The best houses in
Central London have risen by as much as a third in the past
year new research has found.
Prime Central London residence has broken
records again rising by 33.3%in the past twelve months according
to the latest Knight Frank report. Their research found this
is the fastest rate of growth in the capital since 1979 and
means that prices in central London are now rising sooner
than the wider UK market by almost three times with Belgravia
and Knightsbridge leading the way.
Evidence of this becomes obvious when prices
per square foot are examined: exceptional London dwellings
are now hitting £3 000 per sq ft while Knight Frank
says some are even breaking through the £4 000 per sq
ft barrier; prices unmatched in the rest of the world.
Only Monaco is able to compete with London
in these terms the report claims with prices of £2 190
per sq ft; New York Hong Kong and Tokyo follow on at £1
600 £1 230 and £1 100 per sq ft respectively.
However prime premises in London cannot
continue this relentless growth forever and Knight Frank predicts
that the heat will come out of the market in coming months:
'Our date reveals some indications that the market may well
be close to its peak in London. A slight shift in demand and
supply appears to be beginning which if it continues will
begin to see a move away from a sellers to a buyers market.
We believe that price growth will begin to become more subdued
by late summer but we still think that central London prices
for residence priced over £3m will grow by 20% in 2007
' said Liam Bailey Knight Frank's head of residential research.
Source Country life Friday 15 June 2007
Holly Kirkwood
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