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When returning to work after a holiday I like to catch up with the industry press, to see what has been the hot topics in my absence.
After returning recently from what I am glad to say was a sunnier climate, I was intrigued to see the amount of press that has been written about the increase in value of prime London property.
Not that this headline in itself was surprising as London prices have been climbing for years, but I was more interested because this news is still being deemed as news worthy.
It could be that in a slow and boring market place new “news” is hard to come by and “interesting” news even harder, I therefore presumed that to regurgitate old news with a new spin is both cost effective and guarantee’s some interest.
The latest press re-affirmed how well prime central London is doing compared to the prime country house market place, where between April – June 12, prime country property fell by 1.5% taking it to an annual decline of 4.8% (this figure excludes commuter hotspots like Henley-on-Thames and Guildford and the £5m+ market which are still seeing growth).
In comparison Cluttons report that prime central London property although expected to slow down due to the Olympics is still expected to rise by up to 3% this year with rises still being fuelled by foreign investors who see the prime central London market as a safe haven for their money.
For me the most interesting statistic was from a Knight Frank report, which stated that since 2009 prime central London property prices have risen by almost 50%. They state that this means for every £1m invested in 2009 growth has been seen of £12,400 per month or £407 per day over the past 3 years.
Now that’s not a bad investment!
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