High-end house prices on the rise in London

TOP-END house prices in London have kept rising despite global economic uncertainty, according to data seen by City A.M.

Properties worth between £5m and £10m grew in value by 3.5 per cent in the year to the end of September 2011, research from Investec reveals.

Houses worth between £1m and £2m increased in value by over 1.4 per cent over the same period, while the top bracket (between £10m and £15m) rose in price by a similar amount.

“The capital is still a very popular place for the world’s wealthiest people to buy property and live,” commented Jack Jones of Investec Specialist Private Bank.

High end prices remained on the up throughout the whole of 2011, according to separate data released this morning by Knight Frank.

Prime London prices rose by 0.8 per cent last month, the estate agent said – contributing to an eye-watering 12.1 per cent jump in house prices in some of London’s most salubrious postcodes.

“Prices for prime central London residential property have risen more than 40 per cent above the post-Lehman low reached in March 2009,” said Liam Bailey, Knight Frank’s head of residential research.