Rival Prime Central London The prime property prices in central London increased by 0.4% in June and now up by 3.7% in 2013 to date, the latest data from property firm Knight Frank has shown.
According to the figures, the price growth in central London has risen 6.9% over the past 12 months. The strongest price growth was seen in the sub £1 million price bracket where prices rose by 6.6% in the first half of the year.
Marylebone and South Bank recorded the biggest price rises during June, up by 2.8% and 1.4% respectively.
In Notting Hill the average property prices increased by 0.8% while in Knightsbridge, where the average price for a property is above £2 million, and Belgravia the prices remained static over the course of the month. In Mayfair the average cost of a prime home decreased by 0.2%.
In the City Fringe, where the average property has a value under £1 million, prices rose by 7.8%.
The data showed that the prime property prices in central London are about 60% higher than the market through in 2009.
Over the last 12 months, the £1 million to £2.5 million price bracket properties have increased by 8.5% and by 5.4% in 2013.
The £10 million-plus sector homes have increased by 4.5% up annually and by 1.5% over the year to date, with activity levels remaining healthy.
Liam Bailey, global head of residential research at Knight Frank, described the higher stamp duty charge for £2 million plus properties, introduced in the last year’s budget, as the main factor behind the strong growth of lower price brackets.
For more information on the global property market, head to MIPIM March 11-14, 2014 in Cannes. Contact EAS for the best in meeting space, event venues, and apartment rentals, hotels in the city center, marketing and event management. For further information, click here.
According to the figures, the price growth in central London has risen 6.9% over the past 12 months. The strongest price growth was seen in the sub £1 million price bracket where prices rose by 6.6% in the first half of the year.
Marylebone and South Bank recorded the biggest price rises during June, up by 2.8% and 1.4% respectively.
In Notting Hill the average property prices increased by 0.8% while in Knightsbridge, where the average price for a property is above £2 million, and Belgravia the prices remained static over the course of the month. In Mayfair the average cost of a prime home decreased by 0.2%.
In the City Fringe, where the average property has a value under £1 million, prices rose by 7.8%.
The data showed that the prime property prices in central London are about 60% higher than the market through in 2009.
Over the last 12 months, the £1 million to £2.5 million price bracket properties have increased by 8.5% and by 5.4% in 2013.
The £10 million-plus sector homes have increased by 4.5% up annually and by 1.5% over the year to date, with activity levels remaining healthy.
Liam Bailey, global head of residential research at Knight Frank, described the higher stamp duty charge for £2 million plus properties, introduced in the last year’s budget, as the main factor behind the strong growth of lower price brackets.
For more information on the global property market, head to MIPIM March 11-14, 2014 in Cannes. Contact EAS for the best in meeting space, event venues, and apartment rentals, hotels in the city center, marketing and event management. For further information, click here.
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