The average price of a property in central London has reached a record £1,818,262, a new study has revealed.
The research, published by the Land Registry, shows that a surge in the final quarter of 2016 pushed prices up by around 3.75 per cent year-on-year.
London Central Portfolio, a property developer in the capital, believes that the rise was caused by investors fighting for a share of London’s booming property market.
It says that in the fourth quarter, transactions rose by 19 per cent compared to the three months period.
Commenting on the statistics, Naomi Heaton, CEO of London Central Portfolio, said: “Having taken a big knock following last April’s new Additional Rate Stamp Duty and the shock of Brexit, evidence of a recovery in prime central London in Q4 is positive news.
“As an international buying market, the weakness in sterling, combined with the Trump-effect and increasing instability in Europe, appears to have drawn investors back to prime central London as a safe haven asset class.
“The uptick has been led, in particular, by Kensington and Chelsea which saw a 24 per cent quarterly increase in prices.”
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