Investment manager London Central Portfolio points out the London Central average price for all properties in Q2 2012 reached £1,302,292. This is an increase of 15.6% against the previous quarter (Q1 2012) and a 20.8% increase against the previous year (Q2 2011).
The performance, says LCP, has been buoyed by particularly strong house prices due to a number of high value sales being recorded.
London Central average house prices in Q2 2012 reached £3,097,854. This is an increase of 8.1% against the previous quarter (Q1 2012) and 28.4% against the previous year (Q2 2011)
Flats and maisonettes also put in an extremely robust performance.
London Central average flat prices in Q2 2012 reached £975,529 - an increase of 16.3% against the previous quarter (Q1 2012) and 17% against the previous year (Q2 2011)
However, transactions continue to drop as stock remains scarce, with the number falling to just 5,366 over the year - under 15 sales a day.
However the Central London performance contrasts strongly with Newham; home to the Olympic stadium in London’s East End.
LCP points out that in June 2005, average prices in Newham, just prior to the announcement of the successful Olympic bid were £215,550. They now stand at £228,751 – a rise of just 6% over the last seven years.
In London’s West End, prices in Q2 2005 stood at £614,059. They are now at £1,302,292, which represents an increase in prices of 112%.
