Auction Properties Property News | Central London prices up 12% in a year, says Knight Frank

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Central London prices up 12% in a year, says Knight Frank

2/9/2012 9:00:00 AM

Estate agents operating outside the gold-paved streets of London might want to look away now – but Knight Frank is reporting that prices of prime central London property have risen 11.9% since this time a year ago and are now 42% higher than their post-Lehman low in March 2009.

The firm says central London prime house prices rose another 0.9% in January, and it is predicting a further 5% rise this year.

Knight Frank now includes the City and – Rupert finds this still very hard to say –Shoreditch in its definition of ‘prime central London’, traditionally thought of as areas with Mayfair, Knightsbridge, Kensington and Chelsea postcodes. Knight Frank had earlier added the South Bank area to its ‘prime’ definition, surprising those who had never thought of Waterloo, London Bridge and Bermondsey as dream destinations.

Liam Bailey, Knight Frank’s head of residential research, said: “The strength of London’s luxury sector, against a backdrop of economic difficulties both domestically and globally, has surprised many over the past year.

Source: EstateAgentToday.co.uk