London Continues to Defy Housing Market Trends
While the property market in the UK continues to show sluggish or even negative growth, there is increasing evidence to show that London’s house prices are remaining resilient.
Recent data from estate agents Winkworth Plc suggests that average prices for a ‘typical family home’ in central London grew a strong 5.5% in the six months to June 2011, whilst the figure for the whole of London was a 3.8% increase to £1.5 million. Knightsbridge and Chelsea have the highest property values, the survey said.
Considering the reasons behind the capital’s resilience, Winkworth CEO Dominic Agace commented: “London Residential property continues to be seen as a strong investment and a safe haven for international investors, who account for a significant proportion of prime central London buying.”
With a look to the future, he also said that “the debt crisis in Europe and the US may lead to more caution, however prime London property is expected to remain stable.
Meanwhile, latest figures from the Land Registry corroborate Winkworth’s findings; their house price index released last week indicates an annual price growth of 1.3% for properties in London, compared to -2.1% for England and Wales as a whole.
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