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High-end London house prices are up for the 10th month running, although their rise is slowing, according to estate agency Knight Frank.
The rise of 1.1 per cent in January was far less than December's 2.1 per cent increase and the smallest since August last year. Over the last 10 months prices have risen by 15 per cent but on an annualised basis at only 11.5 per cent.
“We are seeing increased demand in pretty much every price bracket, particularly the £2m-£5m City' segment,” said Liam Bailey, Knight Frank's head of residential research.
“In fact, our figures suggest that applicant volumes in January were 15 per cent above their five year average. On the flip side, most of our offices have stock levels 15 per cent to 20 per cent below normal for the time of year. Some have seen declines of 30 per cent or more.”
He said there was still “considerable life” left in the recovery in pricing, which would continue through the spring.
“While buyers are back in force, vendors are few and far between, creating a significant imbalance between supply and demand. Slim pickings are the fuel that has been driving this market bounce.”
Reader views (4)
@Christine - Because living costs can be written off if you're self-employed or a non-dom employed by a foreign company depending on their home countries tax legislation.
Get a clue before flaunting your ignorance next time.
- Madmax, London, UK, 03/02/2010 19:41
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Why would Mickinlondon think buying a house would mean they didn't pay tax. High earners are taxed on salary, bonus etc at source. Under 1% of earners pay over 10% of the UK income tax, paying far more than their share, if it wasn't for the higher earners they would be no money to pay the benefit for the out-of-work or don't-want-to-work brigade.
- Christine, fordingbridge England, 03/02/2010 16:28
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Quote: Ancient Wisdom, London, England. My mate is an estate agent in Hampstead - he told me they have completed on more sales at £2m - £10m than at any other time in their 120yr plus history - and they are fighting over the properties like animals.
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Of course they are Ancient Wisdom; they have to get rid of their taxpayer’s bonus money somehow; in order to reduce their own tax bills; the wealthy only like taking taxpayers money; they do not like being taxpayers themselves.
- Mickinlondon, london, 03/02/2010 15:22
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My mate is an estate agent in Hampstead - he told me they have completed on more sales at £2m - £10m than at any other time in their 120yr plus history - and they are fighting over the properties like animals.
Discuss.
- Ancient Wisdom, London, England, 03/02/2010 11:51
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