Prime London prices hit 2m
Sat 27 Jul 2013
The average property price in prime central London - which includes Chelsea, Kensington, Notting Hill and Belgravia - has risen above 2m for the first time, according to the latest quarterly report from Marsh & Parsons estate agency.
Prices have grown by 3.6% in the last quarter, buoyed, the agency says, by an imbalance of supply and demand: during this period 11% more buyers entered the market, competing for for 14% fewer properties. Homes valued at more than 3m have seen an 20% appreciation in three and a half years.
Yet new research published last week by Fathom Consulting, commissioned by Development Securities, suggests that prime central London prices are now vulnerable to a correction of up to 20%.