Luxury London property continues to grow in value


Tue 31st Jul, 17:10:14 BST

Luxury house prices in London rose at the fastest monthly rate in 31 years in June, Knight Frank has revealed.

According to the latest report from the estate agents, the average cost of properties over £2.5 million rose by 3.1 per cent in June, following on from a rise of 2.5 per cent during the previous month.

The sector growth, which comes at a time when the property market across the country is experiencing a slight slowdown, has been attributed to a combination of high bonuses being paid to City workers, an increase in wealthy foreign investors and a shortage of luxury accommodation in the capital.

"The mainstream London market is slowing unquestionably from interest rate increases," said Liam Bailey, Knight Frank's head of residential research.

"The super prime market has now detached itself from the rest of the prime market and the guys in our central London offices say they don't see prices slowing."

According to Hometrack, the rate of growth experienced by the London property market slowed to 0.2 per cent in June from 0.7 per cent the previous month.



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