Once again our research highlights the status of London property as a unique global asset class.
London, UK (PRWEB UK) 21 March 2012
The latest research from estate agents Knight Frank shows that prime central London property prices have increased by a further 1.1% in March.
London property prices have now risen by 11.3% over the past 12 months, and by 2.7% in Q1 2012.
Sales of London property subject to contract in the £5m+ bracket are up 93% in Q1 2012 compared to the same period in 2011, and by 42% across the whole of Prime Central London.
Supply is failing to keep pace, with new instructions up by just 12%, and down by 11% in the £5m+ sector.
Liam Bailey, Head of Residential Research at Knight Frank: “Prices for Prime London property have been rising strongly for three years on the back of foreign demand and London’s position as a safe haven for investors. Once again our research highlights the status of London property as a unique global asset class, which has gained the confidence of investors looking for strong returns.
“The rising level of speculation over a potential mansion tax or new wealth taxes appears to have failed to dampen demand for prime London property, with prices rising at 1.1% in March this year, the fastest rate since last May.
“In fact evidence from market activity confirms the market has so far shrugged off the impact of calls for new taxes on the sector. New applicant volumes rose 26% in the three months to March this year, compared to the same period in 2011, and sales being agreed rose by a strong 42% over the same period.
For further information, please contact:
Liam Bailey, head of Residential Research, Knight Frank, +44 (0)7919 303 148, liam.bailey[at]knightfrank.com
Daisy Ziegler, London PR manager, Knight Frank, +44 (0)20 7861 1031, daisy.ziegler[at]knightfrank.com
Notes to Editors
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank and its New York-based global partner, Newmark Knight Frank, operate from 242 offices, in 43 countries, across six continents. More than 7,067 professionals handle in excess of US$817 billion (£498 billion) worth of commercial, agricultural and residential real estate annually, advising clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Company, please visit http://www.knightfrank.com.
The Knight Frank Prime Central London Index, established in 1976, is the longest running and most comprehensive index covering the prime central London residential marketplace. The index is based on a repeat valuation methodology that tracks capital values of prime central London residential property. 'Prime central London' is defined in the index as covering: Belgravia, Chelsea, Hyde Park, Kensington, Knightsbridge, Marylebone, Mayfair, Notting Hill, Hyde Park, Riverside*, The City and Fringe and St John’s Wood. 'Prime London' comprises all areas in prime central London, and in addition Canary Wharf, Fulham, Hampstead, Richmond, Wandsworth, Wapping and Wimbledon. * Riverside covers the Thames riverfront from Battersea Bridge in the west running east to encompass London’s South Bank.
© Knight Frank LLP 2012 - This report is published for general information only. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no legal responsibility can be accepted by Knight Frank Residential Research or Knight Frank LLP for any loss or damage resultant from the contents of this document. As a general report, this material does not necessarily represent the view of Knight Frank LLP in relation to particular properties or projects. Reproduction of this report in whole or in part is allowed with proper reference to Knight Frank Residential Research. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Registered office: 55 Baker Street, London, W1U 8A