Sales Index:
- Prices rise 36% in two years
- New instructions rise 20% in 12 months
Liam Bailey, Head of Residential Research, Knight Frank, said:
"Stock volumes have risen by 13%, but the rate of sales is keeping pace with this increase, with the number of exchanges rising by 15% year -on-year and the number of properties going under offer rising by 67% over the same period.
"In summary, prices are higher, as is demand, and supply increases are being absorbed by the market with a sharp rise in year-on-year sales volumes."
Lettings Index:
- International tenants take 60% of Prime London rental stock
- Rents rise 26.3% since June 2009
- New instructions rise 23% in 12 months
Liam Bailey, Head of Residential Research, Knight Frank, said:
"One of the main drivers of this is the fact that international demand for London's prime properties is even more pronounced in the rental sector than in the sales sector, with almost six out of 10 tenants coming from overseas.
"While tenants from Asia-Pac have risen in importance this year, with a doubling in their representation, European tenants have grown as a proportion of the overall market, reflective of the demand for accommodation from smaller banks and financial organisations from Europe who have been setting up or expanding operations in London over the past two years."
