London property prices 'increasing'
The average asking price for a prime London property has increased at its fastest rate for 18 months, new research has revealed.
A recent report from Primelocation.com has revealed that prices increased by 2.45 per cent in September and the average prime Central London property is now on the market for £1.33 million.
Westminster & Pimlico, Mayfair and Marylebone and Fitzrovia recorded price increases of 4.8 per cent, 3.8 per cent and 3.4 per cent respectively.
And while the average prime Central London rental asking price increased by 1.72 per cent in September to £779 per week, this is a fall of 10.86 per cent in the past year.
Such figures may mean that flats to rent in Kensington and other parts of the capital continue to be a more affordable alternative to buying.
Commenting on the news, Alex Thompson, director at the Winkworth Notting Hill office, said although property prices have risen, "the momentum can only carry on for so long".
Written by Chris Price
Published 23rd October, 2009
© 2009 Estates IT Limited
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Prime London property prices are continuing to rise, it is claimed, which may mean Britons wish to rent instead.