5
Feb
London prices up for fourth month in a row
London property prices were up during January for the fourth
consecutive month, a new study has revealed.
Figures from estate agents Knight Frank indicate that house price
inflation stood at 1.1 per cent during the period.
This was the highest rate recorded since the credit crunch began in
September last year and brought annual average house price growth
to 26.2 per cent.
Commenting on the findings, Liam Bailey, head of residential
research at Knight Frank, said: "While a gradual slow down
continues to take its toll on the main housing market, properties
in prime central London appear to be proving resilient against the
background of continued economic uncertainty."
Mr Bailey identified continued investment from City firms as the
principal reason for the robustness of London’s market.
He explained: "While prices in the capital have been adversely
affected by the effects of the credit crunch, the City is
continuing to provide a catalyst for the market."
