London Luxury-Home Prices Increase the Most Since April 2008
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Feb. 3 (Bloomberg) -- Luxury-home prices in central London rose last month at the fastest annual pace since April 2008 as a growing number of buyers chased fewer properties on the market, Knight Frank LLP said.
Values of houses and apartments costing more than 1 million pounds ($1.6 million) climbed 11.5 percent from a year earlier, the London-based property broker said in a statement today. The 1.1 percent gain from December was the 10th straight monthly advance and the smallest since August. Prices remain 12 percent lower than the market’s peak in March 2008.
“There still seems to be considerable life left in the recovery in pricing,” Liam Bailey, head of residential research at Knight Frank in London, said in the statement. “While buyers are back in force, vendors are few and far between.”
