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Luxury residential property prices in London increased
Luxury residential property prices in London increased 2.1% during December making it the strongest real estate sector in the UK in 2009, according to a new report. The impact of the recent 'bonus tax' on bankers is expected to have a limited effect. Overall prices in this sector have now risen by 13.8% since March although they are still 13.4% below their March 2008 peak level. The locations seeing the strongest growth are Chelsea, Kensington and Knightsbridge with 3% growth over the last month. The number of buyers increased by 25% in the whole of 2009 compared to 2008 led by interest from Russia, Europe, especially Italy, and the Middle East.
The report shows that in recent months the more expensive £5 million to £10 million and £10 million plus price brackets have caught up with the price growth which initially began in the sub £2.5 million segment in the Spring. During December, the strongest market was the £5 million to £10 million sector with 2.6% growth. Locations such as Kensington, Notting Hill and Chelsea, the traditional stomping ground of financiers, have seen growth of 3% in the last month as this market comes back to life.
Source: Propertywire.com / Knight Frank