London Prime Properties Rally By £231 A Day
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 05, 2012 - Asking prices for London's prime properties - the top quarter of the market by value - are rising by £231 a day boosting prime home owners' wealth by an average of £63,024 since the beginning of this year, according to the latest prime index from property website PrimeLocation.com (http://www.primelocation.com).
View the full index here: http://www.primelocation.com/house-price-index/
The average asking price for a prime property in London is now £1,181,670, up by £63,024 (5.6%) or £231 a day since January. In the same period, asking prices for all London properties have increased by £16,472 (3.8%), or £60 a day.
The difference in asking prices between the two property bands shows signs of widening with prime property prices rising over three times faster than the general market in October - 2.8% for prime properties, compared with an increase of 0.9% across all London properties.
Nigel Lewis, property analyst at PrimeLocation.com says: "Prime properties are driving the market at the moment, leading price increases in areas where the market is robust, and stabilising the market in areas where there are downward trends in asking prices. It should be no surprise then to see that London's top properties are the most desirable in the country. Whether in central hubs like Westminster, or suburban districts like Wandsworth, demand for these properties will continue to rise in the long term".
Average Prime asking price Monthly change (Prime) Monthly change (all properties)
London £1,181,670 2.8% 0.9%
Wales £361,876 0.9% -0.2%
West Midlands £395,803 0.6% 0.1%
North West England £362,321 0.3% -0.1%
South East England £575,883 0.2% -0.3%
North East England £325,057 0.2% -0.5%
South West England £490,224 0.1% -0.2%
East Midlands £367,481 0.0% -0.1%
East of England £454,516 -0.4% -0.2%
Yorkshire and the Humber £358,991 -0.4% -0.5%
Scotland £403,530 -1.2% -1.3%
UK £474,469 0.5% -0.1%
Asking prices for prime properties increased in eight of the 11 mainland UK regions in October. In comparison, the general market improved in just two regions. Prime properties outperformed the general market in 10 UK regions. London and Wales were the best two performing regions for prime properties with prices increasing by 2.8% and 0.9% respectively.
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.
View the index archive http://www.primelocation.com/house-price-index/archive/.
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.uk, 020 7282 2842
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