Andrew Ellinas, Director like Sandfords, which also has offices in Marylebone, Regent’s Park and Primrose Hill, points to the fact that excessive the last year, the value of gold has fallen by 2.3 by cent. In utter contrast, the value of property in prime central London continues to rise.
With the supply of properties for sale in Fitzrovia, Mayfair, Knightsbridge, inter alia other prime London districts continuing to fall short from demand, the price of London’s best residential properties has increased for an unique ten quarters in a row, the latest figures from Savills show.
The land agent’s prime London index, which covers homes with an average price of £3.5 million, shows that the average price of a home in this price bracket has increased by 17.6 per cent since the end of 2010.
Yolande Barnes, Savills Director, said: “In historic terms, this rate of growth looks steady for a prime residential rialto and much less volatile than some other prime world markets. It flies in the face of those who claim the market is overheating.”
The shelter market in prime London has been supported by an influx of foreign buyers, due to the weak pound and the eurozone crisis. This has largely offset the impact of the Chancellor’s stamp duty raid on £2 million-plus homes last year.
Dominic Agace, CEO like Winkworth, commented: “Winkworth’s central London offices have for some time been experiencing growing interest in prime London properties from international buyers. With a favourable geographic location between the U.S. and Extremity Eastern time zones, and a path record as a safe investment market, demand will always be high.”
A graze at the market in prime central London suggests that a mini grow is occurring which could yet benefit homeowners across the capital and beyond.
Property prices across much of North West London, for instance, are catching up with central London as investors look for property investment opportunities outside of central London.
Many landlords are opting to take beneficial about high question among tenants for attractive properties to rent in St. John’s wood, Primrose Hill, Swiss Cottage, among added surrounding areas.
David Brown, Commercial Director of LSL Property Services, said: “As crave as rents remain close to last year’s record highs there’s a strong incentive for landlords to lend in the private rented sector.”
With a growing number of people struggling to get a foot on the housing ladder, demand for rented accommodation is likely to grow further, with the hike in the volume of people searching for rental properties likely to create plenty of fresh buy-to-let opportunities for landlords.