He says:
“The Central London Prime property market has always been a case apart, but this has never been more clear than in the current climate. Many wealthy buyers see today’s market as a unique opportunity to move into Prime Central London, believing that the worst of the downturn has passed and are snapping up desirable homes at the readjusted prices before they climb too far back up again.
"Buyers are encouraged by the surge in the FTSE that has not only boosted confidence, but also the collateral against which many are now able to fund a house purchase. A continued shortage of stock has created a sellers’ market and driven recent price growth in the Prime London market. This pattern is likely to continue into the first months of 2010, as bonus payouts in the city serve to push up demand, while stock remains low over the Christmas period as vendors put off selling until the New Year.”
The Primelocation Prime Index:
- The average asking price of a Prime London property was £1,333,129 in September, up 2.45% on the previous month and up 8.13% annually
- Prime London sales stock levels fell for the fifth successive month in September (down 1.31% on August). North West London was the worst-performing area (decreasing by 3.6%)
- Westminster & Pimlico, Mayfair and Marylebone & Fitzrovia were the best performing areas, with a combined price increase of 12%
