London property prices increase
PRICES of prime London property rose 0.9 per cent in June 2011, contributing to annual growth of 8.3 per cent , according to Knight Frank.
Prices have now risen 34 per cent since their recent postcredit crunch low in March 2009, reaching a record high 2 per cent above their previous peak in March 2008. Demand is holding steady as supply looks set to surge and prices will continue increasing, albeit more slowly in the next few months. Knight Frank revised its forecast for prime central London price rises from 3 per cent to 9 per cent this year. Residential research head Liam Bailey said: “Price growth in the prime central London market continued through June with a further 0.9 per cent rise in prices.”