Luxury Properties in London Sell Like hot Cakes

Everything is same as it was before last year with the prices of fuel and transportation gone up What everyone is wondering is what could happen to the luxury property market! According to reports, despite fall in the average house price there is an improvement in annual gains, though it is in smallest proportion. The capital city London is not much affected by house prices; on the contrary, it has presented a positive outlook with price rising, in the midst of economic uncertainty of globe.

Last December, London property market reached a new peak becoming expensive, where as across the country you could see the downward trend. Liam Bailey of Knight Frank, head of residential research, gives the detailed explanation about the price rise as there was demand from Asian and European investors for London property, in spite of Euro zone debt crisis highlighting gloom and insecurity.

The positive note of Bloomberg regarding strong price performance of housing market unfolds a better 2012 year for London property market. According to the reports of London based broker the values of luxury apartment and houses are seven percent higher comparatively against previous peak price of March 2008.This is due to wealthy individuals who seek best area with best addresses for safe investment for their money with much preferred locations like Mayfair, Knightsbridge and Belgravia. The buyers seek always a long term investment in safe location in an uncertain condition of the world. International buyers accounted for a fifth of sales from Middle East and china.

According to Savills Plc, most expensive houses in Central London have been bought by foreign buyers. Latest Land Registry shows the record of house prices increased up by 0.3% in luxury residential market.

Via: Businessweek


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