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Luxury London property market 'still going strong' |
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Tuesday, 07 November 2006 |
Last month marked the eighth consecutive month of good prime central London property price growth, according to new research from Knight Frank.
House prices went up 2.1 per cent in October and have gone up by more than two per cent for most months this year.
October's rise brought annualised price growth up to 24.8 per cent and analysts expect that this amount is set to top 25 per cent in December.
According to property market experts, a shortage of supply and a rise in demand are driving up house values.
These factors are bringing the property market back to the healthy condition it was in in mid-1988, according to Liam Bailey, head of residential research at Knight Frank.
He added that bonuses for City workers were also contributing to an increased demand in luxury apartments and has also encouraged them to act quickly.
Looking forward, Mr Bailey said: "We anticipate price growth in prime central London to maintain its strength over the coming months."
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Last Updated ( Tuesday, 07 November 2006 )
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