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European Buyers Push Prime London Prices Up

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real estate  GBP  London 

By - Tuesday 07 December 2010

Property values in central London have been boosted by demand for real estate in the city from European buyers, Knight Frank has claimed. Central London real estate prices increased 0.9 per cent in November - the first price rise since June 2010 spurned by a lack of stock.

The rise reverses almost all of the falls seen between July and October this year, the consultancy said.

Indeed, prices are now 23.7 per cent higher than they were during the market low of March 2009, but still 5.7 per cent below the peak hit in March 2008. However, a sharp increase in the number of European buyers has helped to strengthen the sector.

In terms of new applicant volumes, the number of buyers from the continent jumped by 23 per cent year-on-year in November, Knight Frank revealed. The company said that in terms of sales performance the best sector is the £10 million plus housing market.

"More realistic asking prices have allowed competitive bidding to take place in some instances and therefore have contributed to pushing prices higher," said Liam Bailey, head of residential research at Knight Frank.

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