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London property prices hit record high

  • 05/07/2011
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London property prices hit record high
London property prices reached a record high in June, rising 34% since their post-credit crunch low in March 2009, according to Knight Frank.

In its prime central London index, Knight Frank said that property prices are now 2% higher than their previous peak in March 2008.

Following the findings, the property agent has upwardly revised its annual house price growth forecast for the capital from 3% to 9% this year.

Liam Bailey, head of Knight Frank residential research, said: “Looking behind the headline numbers for price growth, activity measures are pointing to continued strong conditions in the central London market over the next few months.

“There appears to be a new wave of sales coming through, with the volume of properties going under offer rising by 52% year-on-year in June.”

Bailey said that demand has held steady, with the number of new buyer registrations up slightly by 0.4% in June, compared to June 2010, while viewing volumes rose 8% over the same period.

He said: “If demand has risen marginally, supply has risen more rapidly much to the relief of buyers who have faced thin choice in the market for the last 18 months.

“Stock volumes have risen 12% in the year to June, but there is more in the pipeline with the numbers of new instructions rising 55% in June compared to last June.”

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