Big Apple cheaper than London

Posted: 31 Aug 2006 13:06:43 GMT

            Property News - Big Apple cheaper than London

Prices for residential property in London are now higher than in New York, according to new figures.

London has shown impressive price growth in recent months and the UK market on the whole has shown increased buoyancy.

In contrast the US market has slowed and house prices have been falling or remaining steady in a number of states.

The report by CBRE Hamptons International also showed that London is ahead of New York in list of the prime city locations.

For instance prices in Manhattan are now lower than in London's West End.

CBRE Hamptons International, stated: "Our research suggests prices currently achieved in the prime areas of central London are the highest in the world when measured by price per square foot."

The Bank of England's August base rate rise has not yet had time to affect the London market.

Figures expected in September and October will show if the interest rate rise has had any kind of negative impact on house prices.

Many analysts believe a further rate rise is possible in September which would add more pressure to the UK market.

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