By Daniel Hunter
The top end of the prime London property market is performing the best, according to Crayson, the bespoke London property specialists. Across the Kensington, Notting Hill and Holland Park areas (W2, W8, W10, W11 and W14) prices and transactions have been rising steadily over the last 12 months.
"Prices have risen 7.9% in the last 12 months across our area, with homes in Kensington, Westbourne Grove and Bayswater performing particularly well. Here prices per square foot are now over 30% higher than in 2010," Nick Crayson said.
"Across our market in the first half of 2013, there were 229 properties launched per month, a 127% rise on the 101 properties per month launched in the first half of 2012.
"The rise has been greater for more expensive properties, with a 290% rise in the number of properties reaching the market between £2m and £5m; and a rise of over 300% for properties priced over £5m.
"Larger properties are also demanding higher £ per square foot. For example, properties under 2,000 sq. ft. in W14 command an average of c. £921 per square foot; while properties over 2,000 sq. ft command an average of c. £1,517 per square foot. In W10 the differential is £789 per square foot for properties under 2,000 sq. ft and £1,075 for properties over 2,000 sq. ft.
"Across our market in the second quarter of 2013, the average sold price per sq. ft. for properties under £2m was £1,076; for properties priced between £2m and £5m the average sold price per sq. ft. was £1,510; and for those over £5m, £2,145 per sq. ft.
"The main driver of demand at these top levels of the market continues to be overseas buyers. The days of banker bonuses driving the central London market are gone. The global economy has a much greater influence on the prime London market than the UK economy, and London is home to more residents worth over $30m than any other city in the world and has the third highest number of billionaires, behind New York and Moscow."
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