Liquid error: wrong number of arguments (2 for 1) Extraordinary times for prime London market | Marsh & Parsons Sales and Lettings Estate Agents London

Blogs, Press & Media

Extraordinary times for prime London market

Mon 28 Apr 2014

Extraordinary times for prime London market

The average value of three-bedroom properties in Prime London has risen by over 700 per day, following a 19% annual growth, according to estate agent Marsh & Parsons latest London Property Monitor.

This is equivalent to more than a quarter of a million pounds in the last year (266,246) or 5,120 per week and means that three-bedroom property owners in Prime London are earning almost eight times the median salary for London, currently estimated to be 658 per week, in capital gains.

A large part of this increase was gained in the last three months, after a strong 6% quarterly rise increased the average value of three-bedroom properties by an extra 93,231. This follows three strong quarters of growth in the past year, contributing to a 19% annual growth equivalent to 266,246 in a year.

Three-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 4.3% in the past quarter and 12.9% in the past year.

Peter Rollings, CEO of Marsh & Parsons, said: These are extraordinary times for the Prime London property market. Smart buyers can earn more money from their house in a year than by going to work in a very well-paid job. With returns like these, its easy to see why people are queuing up to buy Prime London property.

Its always difficult to call the top of the market. But while comparisons are being drawn with 2007, the current conditions are actually remarkably different. Its difficult to see how prices can fall while demand for property remains so high.

Compared to the same point last year, we have seen a 20% increase in demand and a 25% fall in the supply of property. Prime London is still a strong sellers market and jackpot prices are fast becoming the norm.

Contact our office

Close

Contact our Lettings team

Close

Contact our Selling team

Close

Contact our About us team

Close

Contact our Corporate Services team

Close

Contact our International team

Close

Contact our Land and New Homes team

Close

Contact our Professional Valuations team

Close

Contact our Professional Services team

Close

Contact our Property Management team

Close

Contact our Riverside Properties team

Close

Contact our Career team

Close

Contact our office

Close

Request a viewing

Close

 

Close

Share this with a friend

Close