The London property market, Kensington and Chelsea houses and flats keep going up fuelled by Italians rather than Russians…

Posted on Posted in Property Finder in Kensington and Chelsea

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 It was interesting to know that Russians no longer make up the most active in this sector, having been replaced by the Italians who now buy 8% of all property in Prime London.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.