PROPERTY NEWS
HYDE PARK PROPERTY FLOURISHING
Over 55 per cent of the mega-luxe, much-hyped Hyde Park development the Lancasters (competing with the even-more hyped One Hyde Park), has been sold in advance of its opening in June, making developers Northacre the second best performing retail stock in Europe. Klas Nilsson, Northacre’s chairman, puts this down to “a chronic lack of supply” in London’s high-end property market.
NEW HOMES PRICES STEADY
The average price of new homes fell by just 0.2 per cent last year despite gloomier forecasts. Prices have been buoyed up by reduced activity in the new homes industry and a consequent lack of supply. The prime London property market also looks set to hold firm. Top London property group Sanfords saw a surge of activity in the first week of January, which it attributes to City bonuses and interest from foreign buyers.
SOUTH WEST TRUMPS CENTRAL
Property values in South West London increased by 150 per cent between 1997 and the end of 2009 while Central London properties were only able to manage a jump of 130 per cent, says estate agent Douglas & Gordon. CEO Michael Hodgeson said that areas such as Clapham and Putney had overtaken glitzy Kensington and Chelsea and were now “the pinnacle of the UK housing market”.