Knight Frank recently published their market update, and it had some really interesting facts in it.
Prime London continues to be considered a safe haven by International investors. Prices rose just under 12% in the last 12 months and from the post Lehman period (remember those days?) prices are up 42%. It was interesting to know that Russians no longer make up the most active in this sector, having been replaced by the Italians who now buy 8% of all property in Prime London.
The biggest growth has occurred in the middle ground, between £1m and £2.5m – properties in this band have gone up by 14% in the last year. A good indicator of the market is the amount of new buyers registering and this is most telling at the upper end of the market (over £5m) where new client registrations are up over 65%. It is thought that there are now 6.4 buyers chasing each property over £5m.
All in all, no surprises at all – London is a safe haven in uncertain times and International demand continues to push prices higher.