London prime property market prices will rise in 2012

A new forecast released by the UK estate agent Knight Frank states the London prime property market will in the year 2012 further increase in value and price. Estimates indicate that prime properties in London will increase by an average of 5% in 2012 and by 2016 a total of 24% increase.

Head of Knight Franks research, Liam Bailey stated that “Prices in prime central London are currently at an all-time high, despite which we believe there is scope for further price gains over the next 12 months, averaging 5% across 2012.”

Further adding that “The reasons which have underpinned recent growth – a weak pound, renewed wealth-creation in emerging markets, the search for safe-haven assets and flight capital – all seem set to continue, at least in the short term, reinforcing our positive view for next year.” Read more of this post