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News
Date: 29 August 2009
Prime London prices rise for fifth month leading to sales volume
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Knight Frank Prime Central London Residential Index – August 2009 results
Key highlights:
• Residential prices in prime central London rose by 1%, the fifth monthly
rise
• Sales volumes up 90% compared to January 2008
• Houses continue to out perform flats
• Chelsea, Kensington and Chelsea are leading the way
Liam Bailey, head of residential research, Knight Frank, commented:
“Prices for residential property in central London rose for the fifth consecutive
month by 1% in August.
This latest price rise means that prices are now 6.4% higher then they were in
March (the low point inthe recent market cycle).
“The combination of rising prices and increasing confidence in the central
London market has had a dramatic impact on the number of sales which have taken
place. Sales volumes are up 90% since January 2008 and represent an incredible
234% increase in sales volumes compared to August last
year.
“Price growth has been driven by the significant bounce in prices in Chelsea,
Kensington and St John's Wood - where prices have risen by 5% in the last three
months alone.“Since the market improvement in April - it has been the lower
end of the market which has led the recovery. Prices in the £1m to £2.5m
market have risen more than 5% in the last three months,
compared to only 2.4% for the £10m+ market. Houses continue to outperform
flats - with three-month price growth up by 4.6% and 3.6% respectively.”
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