8
Jan
Recovery in London property market 'set to continue'
The recovery which began in the London property sector in the
second quarter of 2009 will continue this year, an expert in the
region has said.
Naomi Heation, chief executive of London Central Portfolio,
commented that the residential market is well placed to improve
over the coming 12 months.
"This [recovery] is set to continue because market prices are well
below anticipated levels based on its historical levels," she
said.
Ms Heaton added that if homes in Britain's capital follow previous
trends in terms of price rises after a fall, then values could
double by 2016. This would represent average annual growth of 11.5
per cent, she explained.
In December, Primelocation.com revealed that the prime UK
properties had demonstrated a degree of resilience to the global
economic downturn.
The average prime London property price was 7.9 per cent higher in
December 2009 compared with the previous year, standing at
£1,091,596.