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London's Prime Property Market Improving

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London's Prime Property Market Improving

By - Friday 11 February 2011

Foreign buyers, particularly Europeans, have been driving the demand for prime central London property and contributing to annual price growth of over ten per cent in the last 12 months, the latest index from Knight Frank has found.

Applicant volumes are also up, with a large number of individuals now considering making a real estate purchase.

The consultancy firm has revealed that prices in the city climbed by 1.1 per cent in January 2011 ensuring that prime home values now stand 10.3 per cent higher than during the same period of 2010.

"A marker of the strength of the London market is shown by the fact that viewing volumes are up by 30 per cent year-on-year in January," Liam Bailey, head of residential research at Knight Frank, said. "On the supply side, the ongoing issue of tight supply continues, while stock volumes are running at three per cent above the level seen a year ago, they are still down by over 20 per cent compared to January 2009."

In particular the price rises have been led by property located in Knightsbridge and Kensington, where prices have improved by nearly six per cent in three months, Knight Frank added.

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