31 Jan '14, 2pm

PropertyGuru Expert Blogs - London property prices - will the bubble burst?

The numbers are dizzying. London property prices have now broken previous levels set in 2007 when the market was thought to be at its peak. In the uber-fashionable Royal Borough of Kensington and Chelsea, the property website Rightmove says that the average property now costs £2.3 million, up 1.8 percent from just a month before, with an annual increase of 12.4 percent. Next door in Westminster, average prices are £1.6 million, up 10.4 percent from the previous year. Less highly-prized areas like Camden now command an average price of just under a million pounds, with a monthly increase of 4.5 percent. Overall, London property prices have risen by £22,000 over the past year. Asking prices for a two-bedroom property here now average £425,000, and you will be expected to pay much more in leafy neighbourhoods. These inflated figures still seem to attract foreign buyers from c...

Full article: http://www.propertyguru.com.sg/blog/tag/london-property-p...

Comments

  1. 05 Mar '14, 12pm

    London property sector is going into bubble territory as property prices are climbing in each area. Experts say that this is due to the demand from wealthy overseas buyers that is fuelling a property bubble here. You can see the current statistics of property prices in prime location of London at www.Plazaestates.co.uk. Foreigners are finding it a 'safe haven' for their cash, so they are investing here large amount.

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