Liquid error: wrong number of arguments (2 for 1) Value of 1-bed properties in Prime London up GBP60,000 in a year | Marsh & Parsons Sales and Lettings Estate Agents London

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Value of 1-bed properties in Prime London up GBP60,000 in a year

Tue 05 Nov 2013

The average value of one-bedroom properties in Prime London has risen by over 60,000 in the past year,

following a 14% annual growth, according to estate agent Marsh & Parsons' latest London Property Monitor.

The bulk of this increase was gained in the last three months, after a strong 6% quarterly rise increased the

average value of one-bedroom properties by an extra 29,140. This follows three strong quarters of growth in the

past year, contributing to a 14% annual growth - equivalent to 62,063 in a year.

The average price of a one-bedroom property in Prime London now stands at 502,139. In Prime Central London,

covering the most expensive areas of Chelsea, Kensington, Notting Hill, Holland Park and Pimlico, the average

value of a one-bedroom property has risen to 583,036 - a 9% increase in the last year, equivalent to 48,703 in

a year.

Peter Rollings, CEO of Marsh & Parsons, comments:

"With returns like these, it's no surprise that people are queuing up to buy Prime London property. Competition for

one-bedroom properties in particular is fierce. Spurred on by the rapidly improved availability of mortgages and

low interest rates, first-time buyers are flooding the market in competition for the best properties in this price

bracket.

"In addition, one-bedroom properties generate the best rental yields, making them a popular purchase for

buy-to-let investors. We have noticed many young, would-be buyers adopting more European attitudes to renting,

with many choosing to become long-term renters, rather than saving up for a deposit. As a result, the value of

one-bedroom properties in Prime London is shooting up the scale."

One-bedroom properties have risen in value at a faster rate than properties of other sizes in Prime London. The

overall rate of growth in Prime London, reflecting all sizes of property combined, was 1.6% in the past quarter

and 10.3% in the past year.

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