London price rises to continue, says expert

Office design news from Morgan Lovell

Published on 08-01-2010

The value of central London property is set to continue to increase over the coming 12 months, it has been asserted.

Naomi Heaton, chief executive of London Central Portfolio, said prime modern office design space will likely gain in value, as demand is set to increase over 2010 and the number of new developments in the pipeline remains low.

She commented: "Despite subsequent market falls, the stimulus of the low cost of sterling, cheap debt and the capital's increasing appeal should continue to fuel the recovery."

Ms Heaton added London property is gaining an "increasing appeal" among overseas investors.

According to Primelocation.com, the average prime London property price stood at £1,091,596 in December 2009 - up by 7.9 per cent on December 2008, but down by 0.5 per cent compared to November 2009.

Furthermore, the average prime platinum property in London stood at £1,635,720 in December 2009 - up by 10.9 per cent year-on-year.

Posted by Ian Johnson.