Prime property prices soaring

Average prices for prime central London property rose 0.7 per cent in February and 11.6 per cent in the past 12 months, figures from Knight Frank revealed today. The jump takes prices 43 per cent above their credit crunch low point in March 2009, and 8.9 per cent higher than their previous peak in March 2008. Eight per cent of purchases were made by Italians, taking cash out of the crisis-hit country.