The annual price growth of residential property in Greater London was 8.1%, surpassing prime central London which stood at 7%. Growth of 0.6% in August marks the 34th consecutive month of growth in the prime central London property market
Prime central London property prices now stand over 60% higher than their market low in March 2009. Marylebone and Notting Hill recorded the largest rises over the course of the month, up by 1.5% and 1% respectively
Liam Bailey, Global Head of Residential Research, Knight Frank, comments:
“Price rises in prime central London are primarily being driven by homes in the sub-£1m and £1m-£2.5m price bracket. Homes in these price brackets increased by around 1% in August and are up by 8.7% and 7% respectively over the year to date. Comparatively, homes in the £5m-£10m and the £10m+ price brackets increased in value by 0% and 0.2% month-on-month and are up by 2.6% and 1.6% respectively so far in 2013.”
