Liquid error: wrong number of arguments (2 for 1) Prime London prices up by 19% in past year | Marsh & Parsons Sales and Lettings Estate Agents London

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Prime London prices up by 19% in past year

Mon 28 Apr 2014

Prime London prices up by 19% in past year

The average price of a three-bedroom home in London's most expensive neighbourhoods has increased by 729 a day during the past year according to one estate agent.

Marsh & Parsons said the price rise of 19% since April 2013, to an average of 1.6m, was equivalent to 5,120 a week - or eight times the 658-a-week median salary for Londoners.

Overall, the agent said the cost of homes in upmarket London areas including Chelsea, Kensington, Notting Hill, Clapham and Fulham was up by 12.9% in the last year and by 4.3% in the last quarter, to an average of 1.5m, and if growth continued at the current rate it would reach 2m by 2016.

Marsh & Parsons said it had seen "a huge surge" in the number of UK buyers purchasing prime London property during the last three months, with this group accounting for 78% of the market.In areas such as Kensington & Chelsea, typically a stronghold for overseas buyers, the proportion of purchases by such buyers had fallen to a two-year low of 21%. During 2012 and 2013, they accounted for about 40% of all purchases in the area.

Marsh & Parsons'chief executive, Peter Rollings, said "it's always difficult to call the top of the market. But while comparisons are being drawn with 2007, the current conditions are remarkedly different.

"It's difficult to see how prices can fall while demand remains so high."

Hilary Osborne

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