Liquid error: wrong number of arguments (2 for 1) Demand for the most expensive homes in London reaches a new peak | Marsh & Parsons Sales and Lettings Estate Agents London

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Demand for the most expensive homes in London reaches a new peak

Fri 07 Feb 2014

Demand for the most expensive homes in London reaches a new peak

The average cost of a home in the most expensive areas, such as Kensington, has increased by 10% to 1.2m.

Demand for London's most expensive homes reached a new peak in January, with one third of properties in the costliest neighbourhoods being snapped up within two weeks of going on sale, according to an estate agency.

Marsh & Parsons said there were now 23 buyers for every property on the market in prime London neighbourhoods, compared with 14 in January 2013. The average cost of a home in the most expensive areas such as Chelsea and Kensington had increased by 10% to 1.2m - 500,000 more than at the lowest point of the downturn in early summer 2009.

The agency said that almost half of prime sales last month were fetching at least the asking price. In "outer prime" neighbourhoods like Fulham in west London, and the south London districts of Barnes and Clapham, prices rose by 15%. Those areas, dubbed "nappy valley" for their popularity with young families, now have average asking prices in excess of 1m, while two-bedroom homes typically cost more than 670,000 - almost 100,000 more than in 2012.

Halifax reported a 1.1% rise in UK house prices in January, as demand increased against a backdrop of rising confidence and improved mortgage availability. It put the average cost of a home at 175,546 almost 2,000 higher than at the end of 2012.

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