News

The average asking price of a property in London has increased by more than £30,000 since the start of 2013, according to figures from property website Rightmove, and is now comfortably through the half-a-million pound mark, at £515,243. It sounds a lot, but in some parts of the capital it is small change.

The average asking price of a property in London has increased by more than £30,000 since the start of 2013, according to figures from property website Rightmove, and is now comfortably through the half-a-million pound mark, at £515,243. It sounds a lot, but in some parts of the capital it is small change.

There was a time in the not-so-distant past that the real estate property markets in
 Monaco and London were vastly different. Times change, and so does the
 real estate market. Today, the prime real estate markets in central London and 
Monaco look much more like twins, both with similar features, trends and buyer
 profiles, and they represent Europe’s leading locations for luxury property.

According to research published today by global property advisor Savills, “prime central London is looking more fully valued than other prime markets” and is expected to grow by a total of 22.7% in the next five years. By contrast, property in the London suburbs is expected to see a 26.3% rise in value between 2014 and 2018. “The gap between prime central London and its prime commuter markets has probably peaked and wealth has finally begun to flow out of the capital,” explains Savills’ analyst Sophie Chick. “We have already seen the predominantly domestic markets of outer prime London outperforming prime central London over the past year. We expect 2014 to be the year of the super suburbs.”

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