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Commercial Property News
Prime residential prices rising in London, says Knight Frank
Prices of prime residential property in London continued to rise last month, according to new figures from Knight Frank.
Statistics from the firm show that values climbed 1.1% during January, the tenth month in a row that prices have gone up.
Those wanting to buy a home in one of the capital's prime locations will now have to pay an average of 15% higher than they would have in March 2009, however those seeking a residential mortgage to make a purchase still require around 12% less funding than they would have done in the same month in 2008, when the market was at its peak.
"In the space of little more than 12 months we have seen a shift from a near market meltdown to boom rates of price growth," commented Liam Bailey, head of residential research at Knight Frank.
He added that there is still "considerable life left" in the recovery of the sector.
The business has also released a report concerning the city's commercial property market, which it believes will strengthen this year.
Statistics from the firm show that values climbed 1.1% during January, the tenth month in a row that prices have gone up.
Those wanting to buy a home in one of the capital's prime locations will now have to pay an average of 15% higher than they would have in March 2009, however those seeking a residential mortgage to make a purchase still require around 12% less funding than they would have done in the same month in 2008, when the market was at its peak.
"In the space of little more than 12 months we have seen a shift from a near market meltdown to boom rates of price growth," commented Liam Bailey, head of residential research at Knight Frank.
He added that there is still "considerable life left" in the recovery of the sector.
The business has also released a report concerning the city's commercial property market, which it believes will strengthen this year.
Thu, 4th Feb 2010