In the world's most expensive city, London, house prices are still rising at it’s fastest rate for 28 years, according to a leading London estate agent.
Research from Knight Frank, the property professionals, shows that since February 2006, property prices have gone up by 31 per cent in central London .
According to data compiled by the estate agent, there was also strong growth in London’s most expensive houses and apartments, up by 2.6 per cent.
Liam Bailey, head of residential research at Knight Frank said, "Our forecast that prices in prime central London will grow by 12 per cent this year could well be an underestimate."
"Prices have already moved higher by 5.6 per cent in the first two months of the year and we expect that the next two to three months will see the strong market conditions remaining – with many potential buyers still waiting for the right property to become available before moving into the market."
"London prices have been increasing due to the imbalance in supply and demand, as international buying interest and strong City bonuses increase, and people move home less often," the estate agent said.
Knight Frank wants the introduction of Home Information Packs (Hips) to continue this trend, as people continue to be reluctant to move.
The estate agent reports strong house price growth in areas like Belgravia, South Kensington and Chelsea,.
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Fastest London house price rises in 28 years
Fri, 16 Mar 2007
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