Knightsbridge is the capital’s strongest property performer, with the best homes changing hands for an average £3.83 million last month, Knight Frank said today.
Prices have jumped 3.6% in the past three months and 15.8% during the past year, the highest rise of all areas of the city covered by the agent’s prime central London sales index. Other areas in demand were Notting Hill and Belgravia, where prices are up 3.2% and 2.8% respectively amid continued demand from big-spending Russians, Indians, French and Italians.
The surge in demand in London’s most prestigious postcodes contrasts with a more subdued picture across the rest of the capital, despite prices hitting a record high and standing 14% above their previous March 2008 peak. Prices rose 0.5% in August, taking annual growth to 9.9% – still healthy but below the rate seen at the start of the year,
The latest rises come despite headwinds from the Olympics – which kept some prospective buyers away from the market – and the Chancellor’s Budget stamp duty hike for £2 million-plus properties.
The strongest price growth over the past quarter was seen in the £10 million-plus bracket as prices grew by 2.9%. This was more than twice as fast as the 1.4% seen in the £1 million to £2.5 million range, which Knight Frank put down to the new stamp duty rate.
