LATEST PROPERTY MARKET NEWS

Central London house prices first to stabilise
March 19 2009

Asking prices in Prime London increased by 0.94% in February, the fourth successive month of rising values.

Asking prices in February rose across four of the five Prime London regions with the largest monthly increase recorded in West/South West London (2.84%).
Central London: the only region to still record positive year-on-year growth (3.24%).

Outside the Capital, prices fell again for the seventh successive month, bringing the average asking prices down 0.39% on January 2009. The South West (-6.57%) and the South East (-1.58%) recorded the largest falls while the West Midlands & Wales (15.61%) and Scotland (8.14%) continued to record strong growth.

Andrew Smith, Primelocation.com's Head of Research, comments: "This is the fourth successive month that the Prime Index has recorded growth in the London market, a trend which is being driven by a decline in stock levels and the return of positive annual growth in Central London.

"Central London has always been a magnet for international capital and at the moment lower prices and the weaker pound are attracting overseas buyers in search of bargains. The recent cut in Base Rate to 0.5% will keep the pressure on the pound so this is a trend which we expect to continue in the months

Source : Primelocation March 19 2009

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