Prime central London properties have risen in value by GBP 767 every day over the past year, research from Knight Frank has found. It means that the average value for prime residential property in central London has climbed by 31.2 per cent since March 2009.
The market is being led by properties in the GBP 1 million to GBP 5 million price bracket, which have seen prices rise by nearly four per cent in the past three months. Knight Frank noted that the best-performing markets include Mayfair, Marylebone, St John's Wood and Kensington.
However, despite the positive news for the buoyant central London market, this is not a trend which has been duplicated across the country.
Liam Bailey, head of Knight Frank Residential Research, said: "The dislocation between the central London market and the wider UK market has widened … whereas the national market stuttered to a halt … the central London market has kept powering ahead."
Meanwhile, in addition to the strong residential performance in London, Investment Property Databank research has revealed that commercial property values have continued on their way to recovery.