The South East and in particular London is witnessing seemingly unstoppable price increases. Primelocation.com which is owned by Daily Mail & General Holdings reports unrelenting price growth of prime London property. London house price are at record average sales prices in every region in the capital with prices up 25.8% overall. Stock of prime London property for sale hits an all-time low, while demand intensifies, pushing prices up for the fourteenth consecutive month to reach a record average of £1.11 million. The market for prime country property for sale produces its largest increase in average prices since April 2005, up 3.9% on last year. The South East region produces more than twice the level of price growth witnessed in the wider market for prime country property for sale, up 8.2% to reach a record £624,564.
Primelocation’s Chief Executive, Ian Springett, comments:
“It seems that no matter how high average sales prices get in prime London, the next month sees them go higher still. Certainly, that trend has been continual over the last year, with no sign of an immediate slowdown in the foreseeable future. With so few quality properties available and so many wealthy and eager buyers waiting in the wings, upwards pressure on prices is inevitable. Fresh City bonus money continues to pour into the market, alongside ever-increasing international interest, both of which underpin the key components of demand in this sector.
“The prime country market, which has underperformed in recent months, has finally started to enjoy more significant price growth. The ripple effect of the London market has hit the South East, where demand has intensified as prime London stock diminishes even further. City bonus money has pushed prices of farms and farmland upwards, while international interest intensifies in the Home Counties.
“Confidence in the prime London rental market remains strong, and if anything has been enhanced by the recent wobbles in the stock market, as investors continue to see London property as one of the best performing investment vehicles of recent years. Demand for rental property remains robust from both private and corporate tenants, while the ‘Olympic Effect’ continues to support the buoyancy of the market in the Docklands and City regions”.
Primelocation’s Chief Executive, Ian Springett, comments:
“It seems that no matter how high average sales prices get in prime London, the next month sees them go higher still. Certainly, that trend has been continual over the last year, with no sign of an immediate slowdown in the foreseeable future. With so few quality properties available and so many wealthy and eager buyers waiting in the wings, upwards pressure on prices is inevitable. Fresh City bonus money continues to pour into the market, alongside ever-increasing international interest, both of which underpin the key components of demand in this sector.
“The prime country market, which has underperformed in recent months, has finally started to enjoy more significant price growth. The ripple effect of the London market has hit the South East, where demand has intensified as prime London stock diminishes even further. City bonus money has pushed prices of farms and farmland upwards, while international interest intensifies in the Home Counties.
“Confidence in the prime London rental market remains strong, and if anything has been enhanced by the recent wobbles in the stock market, as investors continue to see London property as one of the best performing investment vehicles of recent years. Demand for rental property remains robust from both private and corporate tenants, while the ‘Olympic Effect’ continues to support the buoyancy of the market in the Docklands and City regions”.
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