Property market comment
Property Prices Surpass 2007 Levels
Things have moved on since reporting 7 months ago. Overall, the last 12 months in the prime central London property market have been spectacular considering the state of the global economy. Prices in excess of their 2007 are being achieved as a result of the demand of overseas buyers exploiting the favourable exchange rates.
There was an endless supply of alarming reports that heralded the end of the world for property investors, yet when the rich international investors came into London in the final months of 2010, they managed to boost the income of many a property investors assets once more. The wealthy foreign investor instantly recognizes the value of purchasing property in London. London central can be seen as an exclusive club for property owners, a real-life playground for the world’s wealthiest individuals. And with this demand prices are continuing to rise as there is now currently a limited supply of properties.
In addition, with inflation running at over 3.5%, savers are looking into tangible assets to place their money and central London property seems to be their number one choice with high numbers of motivated, cash rich buyers seeking to invest.
Last November, the prices of homes grew by a healthy 0.7% and 1.5% in the areas of Kensington and Chelsea. These statistics are based on figures issues by the Land Registry in late December. This means that property growth has now skyrocketed to ten percent higher than average.
Prime Central London continues to be seen as one of the foremost places in the world to both own a property and to invest in property. Please rest assured that whatever is happening in this exciting market you can be confident of our professional and experienced guidance.
Sarah Van der Noot – Managing Director, London Property Search.
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