Selling prices in prime London 'on the up'

Posted: 24 Jul 2009 10:37:01 GMT

Property prices in London continue to show signs of improving, according to new figures.

Data from real estate consultancy Knight Frank has reported that prices in London's leading suburban areas, including Hampstead, Richmond, Wandsworth, Wimbledon and Fulham, rose by 3.7 per cent in the three months to the end of June.

There are also signs of increased interest from buyers with new purchases up by 33 per cent and viewing volumes by 23 per cent compared to the same period last year.

Liam Bailey, head of residential research at Knight Frank, said: "The view is that the central London economy will be one of the first parts of Europe to see a sustained recovery.

"Residential markets where central London's high-earners want to live are the first to see recovery in pricing, demand and supply."

Data also showed that the time taken to sell a property has reduced slightly from 70 days to 63 days between March and June.

Last month, Knight Frank reported a strong interest in the high-end London property market by overseas buyers, especially from Russian and continental European investors.

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