Luxury properties in London continues to rise in price

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The largest and most influential real estate Agency Knight Frank has published the latest data about the market of elite real estate of London to include data for June 2013. Luxury residential property in Central London rose by 0.4% in June, while YTD the price of it rose by 3.7%.

Over the past 12 months the average price growth for elite real estate in London amounted to 6.9%, with the strongest price growth was recorded with real estate prices being more expensive than £ 1 million – about 6.6% for 12 months. The largest price increase in June was recorded in London of Marylebone – at 2.8% in June, and in the area of South Bank , where the growth amounted to 1.4%. Average prices for luxury properties in London has increased in areas of Notting hill – 0.8%, in South Kensington and Islington by 0.6% in Belgravia and Knight bridge prices did not change, and in Mayfair the price even decreased by 0.2% during the month.

In the end, prices for luxury properties in London today, over 60% higher than in 2009, but rising prices, of course, varies depending on the area. If you examine prices in more detail, the differences in their dynamics depend on the value of the property.

Prices in 2013 were up in all price categories, but in the lower segment prices, costing less than £1 million, prices for 2013 increased by 12.1%, which is significantly above the average for London as a whole, which was 6.9%.

Luxury real estate in London in a price range from £1 million to £2.5 million increased in value since the beginning of 2013 by 5.4% , and in the last 12 months – 8.5%. In higher price ranges, the price rose even less. In more expensive price category a £10 million price rose by only 1.5% since the beginning of the year, but the level of activity in this market remains positive and prices reflect a very healthy market sentiment super – expensive London real estate.

High rates of stamp duty that was introduced by the UK government last year for real estate more expensive than £2 million pounds, somewhat cooled the ardor of investors pour huge sums into super-expensive property in London, this was the stimulus for the growth of prices in the less expensive price range. Health the low price segment of elite real estate of London is also due to the fact that the government encourages builders, who have created a sufficient number of proposals in this sector.

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® Alice Morgan 07.07.2013 g.