London luxury home prices rise again

January 10, 2012

Luxury home prices in central London rose for a 14th consecutive month in December amid tight supply and demand from overseas buyers seeking safer investments, Knight Frank said.

Values of houses and apartments that cost an average of £3.7 million (S$7.4 million) rose by an average of 0.8 per cent from a month earlier, the broker said in a report yesterday.

Prices are now 7 per cent higher than their previous peak in March 2008.

Values gained 12.1 per cent in the year through December, the smallest gain in three months.

Prime central-London prices have risen about 40 per cent since the market’s low in March 2009, Knight Frank said.

UK home prices fell 0.9 per cent last month to a 30-month low, according to a Jan 6 report by Halifax, a unit of Lloyds Banking Group.

Source : Today – 10 Jan 2012