Prime London property 'on upswing'
Property specialists Knight Frank have claimed that luxury home prices in the capital are surviving any perceived downturn in London property- and are in fact gaining value.
Knight Frank claimed that luxury London properties were rising at their fastest rate in four months, meaning that in many prime central areas more people are seeing rental as a viable option.
Meanwhile the super-rich – and principally foreign buyers – are keeping the prime property sector ticking up with a flurry of recent big money purchases, including an increasing number of London home sales in excess of £10 million.
According to Bloomberg, Liam Bailey, head of residential research at Knight Frank, said: "[The upswing] is being totally led by the purchase of properties of £10 million or more.
"The number of deals done at that level in the past three months was double a year ago. There is a lot of interest in deals being done by super- rich foreign buyers.'
Estate Agent Savills recently claimed that financial industry bonus earners will invest £2 billion pounds in London homes this year.
Published 6th February, 2008
© 2008 Estates IT Limited
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Property specialists Knight Frank have claimed that luxury home prices in the capital are surviving any perceived downturn in London property- and are in fact gaining value.