'Banker bracket' London house prices keep rising
High-end London house prices are up for the 10th month running, although their rise is slowing, according to estate agency Knight Frank.
The rise of 1.1 per cent in January was far less than December's 2.1 per cent increase and the smallest since August last year. Over the last 10 months prices have risen by 15 per cent but on an annualised basis at only 11.5 per cent.
"We are seeing increased demand in pretty much every price bracket, particularly the £2m-£5m City' segment," said Liam Bailey, Knight Frank's head of residential research.
"In fact, our figures suggest that applicant volumes in January were 15 per cent above their five year average. On the flip side, most of our offices have stock levels 15 per cent to 20 per cent below normal for the time of year. Some have seen declines of 30 per cent or more."
He said there was still "considerable life" left in the recovery in pricing, which would continue through the spring.
"While buyers are back in force, vendors are few and far between, creating a significant imbalance between supply and demand. Slim pickings are the fuel that has been driving this market bounce."
