Central London property value growth continues

Posted: 21 May 2007 10:15:00 GMT

The good news continues for prospective property sellers in central London, with price increases of 33 per cent reported in the latest figures.

The good news continues for prospective property sellers in central London, with price increases of 33 per cent reported in the latest figures.

According to the latest report from Knight Frank's Prime Central London Residential Index, the average price of a home in central London has risen by more than a third in the last year.

The most expensive areas of London, including Belgravia and Knightsbridge, have seen the highest price increases, according to the index, with prices up by 40 per cent.

Commenting on the research, Knight Frank's head of residential research Liam Bailey said that the demand for property in central London from both families and overseas investors showed no sign of abating.

"London's traditional spring market rush starts earlier and earlier every year," he said.

"For the past two years the season has opened in December rather than March, and has run on well into May. The early part of 2007 saw an incredibly active market, with price growth totalling nearly 11.9 per cent in the first quarter."

Mr Bailey added that the current shortage of stock was likely to be reinforced by the planned implementation of Home Information Packs in June.

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