Prime London Property Provides Some Much Needed Good News For The Uk Property Market
Prime London Property Provides Some Much Needed Good News For The Uk Property Market
It seems like whenever I write about the London property market lately, it’s always some form of negative news that I’m forced to share with my fellow industry enthusiasts. Refreshingly, this is not the case today as I get to write about a rather small but significant piece of good news for the London property market. Recent statistics have shown that the competition for prime London properties is strong and this has resulted in a healthy increase in property prices in some of the more plush areas of London. This always has a pleasant ripple effect on the rest of the market too. Let’s take a look…
February showed an impressive increase in housing prices for prime central London property. After a 1.1% growth in January, the property prices rose by a further 3.2% in February alone. This is the largest growth margin in a single month since August in 2007. This is all after an increase of over 19% over the last ten months in the market. A continuous sign of growth for prime London property is always great news!
Foreign investors have almost single handedly been the reason for the surge in London property prices. 45% of houses purchased over the value of £2m have been sold to foreign buyers, predominantly comprised of Asian businessmen and women. Research shows that Hong Kong, Malaysia, Singapore and Thailand have led the way with recent prime London property purchases.
Many a Bayswater estate agent will be dying to get in on the prime London property action which is currently most prominent in areas such as Mayfair, Chelsea and Belgravia and also get a piece of pie. New properties alongside the river in Canary Wharf that are currently being sold off-plan have attracted enormous amounts of interest from investors both in and outside of the UK who are looking to buy London property.
Liam Bailey, who is the head of residential research at Knight Frank who carried out the research that revealed these results, had the following to say about the substantial growth:
“The market recovery in London was kick-started in March last year by low interest rates and the weak pound, which drew foreign buyers to the capital. Foreign demand has led the market, with 45% of £2m+ purchases going to non-UK buyers over the past 12 months.
“The continuation of the growth in prices and the recent increase in the speed of such growth has been caused by a dramatic shortage of supply, with 22% fewer properties available for sale at the current time compared to normal for the time of year.
All this is obviously great news for the London property market in the UK. Hopefully the sudden influx in foreign investment will ripple down to local buyers as well as people interested in property outside of London as well. The more widespread the property boom is, the better it bodes for the rest of the UK’s property market. For now, the London property market is not entirely as grey as the weather would lead you to think, and there is a glimmer of hope that 2010 will continue to show some improvement.
Writing for a Central London Estate Agent
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