Property prices in central London rise by 0.4% in June

The prime property prices in central London increased by 0.4% in June and now up by 3.7% in 2013 to date, the latest data from property firm Knight Frank has shown.

According to the figures, the price growth in central London has risen 6.9% over the past 12 months. The strongest price growth was seen in the sub £1 million price bracket where prices rose by 6.6% in the first half of the year.

Marylebone and South Bank recorded the biggest price rises during June, up by 2.8% and 1.4% respectively.

In Notting Hill the average property prices increased by 0.8% while in Knightsbridge, where the average price for a property is above £2 million, and Belgravia the prices remained static over the course of the month. In Mayfair the average cost of a prime home decreased by 0.2%.

In the City Fringe, where the average property has a value under £1 million, prices rose by 7.8%.

The data showed that the prime property prices in central London are about 60% higher than the market through in 2009.

Over the last 12 months, the £1 million to £2.5 million price bracket properties have increased by 8.5% and by 5.4% in 2013.

The £10 million-plus sector homes have increased by 4.5% up annually and by 1.5% over the year to date, with activity levels remaining healthy.

Liam Bailey, global head of residential research at Knight Frank, described the higher stamp duty charge for £2 million plus properties, introduced in the last year’s budget, as the main factor behind the strong growth of lower price brackets.

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