30 May UK Prime Property Prices Rise by 1% Last Month
The latest report by Primelocation, a UK website that tracks prime property prices and developments, suggests that house prices on prime property in the country have increased by 1% last month alone. Now, an average prime property price in the UK stands at 478,797 pounds – 4,050 pounds more than in March and 5% more than at the same time last year.
Of course, much of the growth was driven by London property, where prices have risen by 13.7% on average. In certain parts of London, however, prices have increased by 20-30% compared to the same time last year.
Commenting on the findings, Nigel Lewis of Primeproperty, said: “As the bad news rolls in from outside the UK and the economy stutters, the Prime market has been marching on regardless as the UK’s wealthiest home owners continue to prosper.” As for the sharp rises in London prime property prices, he explained: “the highest priced homes in London are rarely owned by average Brits, which is why the prime London market behaves so differently to the rest of the UK. Demand from wealthy overseas investors has, and will continue to, keep this prosperous market afloat.”