London house prices rise 34%

Posted: 04 Jul 2011 12:09:32 GMT

House prices in the capital are set to continue rising, it has been predicted.

The cost of buying a property in London rose in June and is likely to continue climbing for some time still.

These are the findings of new research from Knight Frank, which showed prices of prime accommodation in the capital increased by 0.9 per cent last month, which contributed to an annual growth of 8.3 per cent.

It means payments for dwellings in the big smoke have swelled by 34 per cent since March 2009.

Head of Knight Frank Residential Research Liam Bailey noted the fees have been escalating strongly since April 2009.

The industry figure stated: "Looking behind the headline numbers for price growth, activity measures are pointing to continued strong conditions in the central London market over the next few months."

It was recently shown by Nationwide that both the demand and supply of homes across the UK remained subdued last month, with the price of the average property standing at 1.1 per cent less than the same time last year.
 

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