You are here: Home - Uncategorized -

London property prices at close to record levels

0
Written by:
16/05/2011

Fewer sellers, the bonus season and overseas demand are all pushing London property prices to just £77 off the all-time high hit in April last year.


New property listings at property website Rightmove fell 30% over the extended bank holiday period, falling from around 4,300 per week to roughly 3,000.

Miles Shipside, director of Rightmove said: “Buyers seem to have the hunger to satisfy the appetite for higher financial returns being demanded by sellers, and while prices have effectively stood still month-on-month, the fact they have not dropped back substantially shows that the testing of new highs did not meet with much resistance.”

The “unique wealth profile” of the capital means that buyers seem to have plenty of ready cash, he said, and if sellers have the property they want, then high prices can be asked and achieved, unlike the mortgage constrained buyers elsewhere in the UK.

Shipside added: “With new seller levels down some 30% over the extended bank holiday period and agents reporting strong spring buyer demand, the result has been a consolidation of prices at these record levels.”

According to property agency Knight Frank, prices in the Capital rose 1% in April, pushing growth over the last 12 months to 8.3% with the typical prime central London property rising by £767 every day for 12 months.

The estate agency firm said the average values for prime residential property in central London have risen by 31.2% since March 2009 from the post-credit crunch market peak.

The market is being led by properties in the £1m to £5m price bracket, which have seen prices rise by nearly 4% in the past 3 months, with the strongest markets in Mayfair, Marylebone, St John’s Wood and Kensington, which have all risen 10% in the past 12 months.

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
UK economy grows by 0.5% in Q1

The UK economy grew by 0.5% in the first quarter of the year, down slightly on economists’ estimates, the Office...

Close