Asking Prices Hit Record Highs For Prime London Properties
PrimeLocation.com is the UK's principal portal for leading estate agency firms, representing 12,600 branches including major estate agents such as Savills, Knight Frank and Hamptons International.
- (1888PressRelease) January 10, 2012 - RELENTLESS GROWTH: ASKING PRICES HIT RECORD HIGHS FOR PRIME LONDON PROPERTIES
• London's prime asking prices increase 3.4% over one month and by £111, 579 in a year
• UK prime market proving strong following nine months of consecutive growth
London's prime market continues to prosper leaving the rest of the UK behind as prices for the capital's most expensive properties rise 3.4% over the past month and 10% over the past year, taking both London and UK to record highs.
According to the latest prime index from property website PrimeLocation.com (www.primelocation.com), the average asking price for prime properties in the capital is now £1,221,699, some £111,579 more than this time last year.
The increases mean that London's prime property has reached new highs as prices rise for the second consecutive month, pulling away further from the previous record of £1,150,675 set in June. For the first time in the index's history, asking prices rose in every single London borough in November with Camden and Hammersmith and Fulham leading the way with increases of 6.8% and 5.5% respectively.
Despite falling prices in six UK regions, exceptional performance in the capital brought the national average prime price to a new record height for the seventh consecutive month. The average price of a UK prime property is now £475,957 - 0.2% higher than in October, but this performance was not mirrored by the general UK market, where property prices fell 0.2% in November.
Nigel Lewis, property analyst at PrimeLocation.com said: "It is no surprise to see that London's top properties are the most desirable in the country - prime homes in the capital are almost a law unto themselves, defying the current economic climate which is driven in part by cash injections from wealthy overseas buyers.
"No property market is invincible, but it's likely that the capital's prime market will continue to outperform the rest of the UK by quite some distance in the coming months and continue the steady growth seen for the most part of 2011, which against a backdrop of great uncertainty has been very encouraging".
London borough Asking price of prime properties % increase during November 2011 % increase over the past 12 months
Kensington And Chelsea £2,696,087 4.68% 1.0%
City of Westminster £2,447,660 3.04% 8.4%
Camden £1,851,725 6.84% 10.1%
Hammersmith And Fulham £1,663,765 5.53% 18.6%
Barnet £1,385,560 3.58% 19.1%
Wandsworth £1,130,914 2.61% 28.8%
Merton £1,037,378 1.52% 9.7%
Haringey £1,024,085 5.45% 6.6%
Richmond upon Thames £981,110 1.44% 9.6%
Islington £971,492 1.65% 0.9%
Ealing £861,556 0.98% 11.9%
Southwark £832,782 3.82% 18.5%
Hackney £689,396 1.80% 14.4%
Lambeth £681,054 1.25% 5.6%
Kingston Upon Thames £664,530 0.19% 3.9%
Tower Hamlets £628,091 1.01% 7.4%
Source: PrimeLocation.com
About the Prime Index
The monthly PrimeLocation.com Prime Index offers a unique, independent and robust view of the UK's prime property marketplace, including prices and stock levels. For the first time, the index provides authoritative data for all regions of the country.
It segments the upper end of the market as follows:
• Prime - incorporating the top 25% of all UK property by value
• Prime Platinum - incorporating the top 10% of all UK property by value
The percentile approach enables the two prime tiers to track the overall market prices, stock and remain relative to local market forces.
About PrimeLocation.com
PrimeLocation.com is the UK's principal portal for leading estate agency firms, representing 12,600 branches including major estate agents such as Savills, Knight Frank and Hamptons International. It lists just under a million properties to rent or buy in the UK and overseas and has over 5.2m visits a month*. PrimeLocation.com is part of the Digital Property Group, a division of A&N Media.
*Source: Cognesia, September 2011.
For further press information please contact Citigate:
Tom Wilson
Citigate Dewe Rogerson
Tom.wilson ( @ ) citigatedr dot co dot uk
0207 282 2842
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