Prime time: Property prices soar for London’s most expensive homes
Prices for central London’s most expensive properties have risen at their fastest levels in almost three years, amid signs that confidence is starting to return to the capital’s high-end residential market.
Central London’s prime house prices rose 1.2 per cent over the second quarter of the year, marking the highest annualised growth since autumn 2015.
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The latest data from LonRes suggests that wealthy buyers could finally be showing a reinvigorated appetite for multi-million pound houses, after several years of a slump that many in the industry believe has been driven by political uncertainty and stamp duty.
However, demand has picked up in the wake of lower prices, with LonRes suggest that “price reductions have translated into sales”.
Such statistics come a week after property developer Christian Candy sold the his former head office – which has been converted into an ultra-luxury five-bedroom home – in Knightsbridge for £63m.
“Confidence is coming back in central London. People are getting fed up with waiting for the most opportune time, and people looking for long term holds want to get on with their lives” according to Marcus Dixon, head of research at LonRes.
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Dixon added: “Even with fears around Brexit there are a lot of overseas investors who still have very strong ties to London. A lot of the world’s wealthy educate their children in the UK, and them buying a property for themselves to use or for their child to use has not gone away”.