Strong demand for prime London properties for sale
Strong Demand for Prime London properties for SalePrime central London property prices continue to appreciate at a rapid rate driven byinsatiable demand among domestic and international property buyers.With recent research by Knight Frank revealing that average prime central Londonproperty prices have increased by an average of £767 every day over the past 12months, it is little wonder that more property investors are inquiring after property forsale in London. (Property for sale in London)Demand is particularly strong for property for sale in Westminster, along withproperty for sale in Mayfair and property for sale in Chelsea, as these areas areamong the strongest performing London property markets.
(Property for sale in Chelsea)The prime London property market is being led by properties in the £1 million to £5million price bracket. This means that as well as property in Westminster, Mayfair andChelsea, demand is also high for premium homes in other areas, such as Kensington,Fulham and Notting Hill. (Property for sale in Mayfair)
The influx of wealthy foreign buyers and their influence at street level is evident inmany expensive parts of London. This is adding to demand for properties in otherpremium areas, including property for sale in Holland Park, North Kensington andSouth Kensington.Property exhibitions in Singapore, Kuala Lumpur and Hong Kong are driving moreAsian property buyers to London, according to research by CB Richard Ellis (CBRE).Figures supplied by CBRE show that more than £800 million worth of property -equivalent to around 2,500 properties in London - were sold at exhibitions in the threecities last year.Peter Rollings, chief executive of London estate agents Marsh & Parsons, says thatmore than 20 buyers are now registering for every prime property for sale in Londonregistered on the market.Commenting on the London property market, Rollings told the press: “We’ve seensome of our busiest months since 2007 this year, and are in the middle of anothersurge of activity. House prices have already risen five per cent this year, and weanticipate further rises as competition for good quality stock continues to heat up.”The dislocation between the central London market and the wider UK market haswidened into a chasm over the past 12 months, according to Liam Bailey, Head ofKnight Frank Residential Research.“Over the past 12 months price growth in central London has totalled 8.3 per cent,whereas in the UK the corresponding figure has been a fall of -1.3 per cent”, he said.He added: “I have pointed to international demand as being a key contributor toLondon’s bounce. There is no doubt that this is true – with more than 60 differentnationalities active in the market over the past 12 months. However we shouldn’tunderestimate the impact of the central London economic revival on pricing.”
(Property for sale in Westminster)Bailey is one of many housing experts who believe that the revival in the Londonproperty market is sustainable even if overseas demand begins to wane. This ispotentially good news for anyone looking to buy property in London, particularlyproperty for sale in Westminster, Mayfair and Chelsea.