The London property market continues to grow, with the latest indication being the fact that there are now over 1,000 homes in London which are on the market for more than 2m.
The growth in London house prices is being driven by foreign buyers attracted by the city’s financial and business status. Added to a shortage of properties in prime locations, this has triggered bidding wars which have pushed prices up further.
Peter Rollings, of West London estate agents Marsh & Parsons sees no sign of the market slowing:
‘The top end of the market is frighteningly strong. It is just amazing the amount of money people are charging for homes – you can almost name your price right now.
Buyers of houses in top central London areas, such as Belgravia, Mayfair, and Knightsbridge are invariably foreign numbering around 60%.
Price rises have also been attributed to the round of bonuses in the totalling £8.8bn. Another bumper year is predicted in the City for 2007.
Land Registry figures show that 209 house sales of more than £2m were completed in London in the first three months of 2007, up from 131 for the first quarter of 2006.
One property finder specialist in central London locations said that a client had recently sold a property in Kensington for £13m, having paid £4.7m for it back in 2003.
Recent Halifax figures confirm the massive growth in the capitals property prices while the average UK house price rose by 11.1% last year, the same figure for the London area was 14.9%. Over the last three months house prices in the region are up 2.2%.
The average property price in London is now £297,132, £104,818 more than the national average of £192,314.