Home prices hit a record high of £2.2m in London property hotspots

HOME prices in London’s most upmarket districts have hit a record average of £2.2m, a survey showed yesterday.

The most desirable areas in central London saw a 2.4 per cent monthly rise as wealthy foreign buyers circled for the properties.

Among the biggest climbers this month was the Royal Borough of Kensington & Chelsea which saw prime property values jump by three per cent to almost £2.5m.

Average prime property values for London as a whole are now just under £1.1m, according to the Primelocation.com Prime Index. Many foreign investors from abroad are cashing in on the weak value of sterling. Meanwhile super-rich Brits who have been left unscathed in the credit crunch are also snapping up prime properties. Research Director at Primelocation.com Andrew Smith said: “As the UK draws out of recession, astute buyers and investors from both abroad and the UK see this as a good time to find the right property.

Many overseas buyers see UK real estate as a attractive proposition.”