4
Feb
Central London property prices continue to grow, research shows
Property values in prime central London locations have experienced
their tenth consecutive month of growth, according to new
figures.
Research conducted by independent global property consultancy
Knight Frank found that prices of residential properties in London
increased by 1.1 per cent in January.
Prices on the market are 15 per cent higher than their lowest
levels, which were reached in March last year. However, the company
pointed out that despite the growth, values are still 12 per cent
down on their highest point, which was attained in March
2008.
Liam Bailey, head of residential research at Knight Frank, said
that government stimulus and low interest rates have helped to
boost the sector and have resulted in "boom rates of price
growth".
He also explained that the lack of supply of properties on the
market compared with demand from buyers is continuing to drive
growth in the industry.
"As we stand at the beginning of the 2010 spring market, there
still seems to be considerable life left in the recovery in
pricing," Mr Bailey commented.
On February 2nd, the organisation published data which revealed
that British residential development land values increased by 2.1
per cent in the final quarter of 2009.