London's luxury pads are the 'most expensive on the planet'
Estate Agents - 04/09/2006 11:06:54
Estate agents selling London's luxury homes are thriving according to a new report which revealed that buying a posh pad in the capital was more expensive than any other city in the world.
Experts at Knight Frank estate agency say that foreign buyers, salary bonuses and steady interest rates are driving prices up in London's already expensive property market.
Liam Bailey, head of residential research at Knight Frank, said: "In terms of time zones and location, London is the most attractive place to be."
"Over the past five or 10 years, London has gained a larger share of international financial activity.
"And, unlike other European financial centers like Frankfurt, buyers are attracted by all the other things the city has to offer."
The report shows central London homes which are worth more than £1.5 million went up by a staggering 21 per cent for the year which ended August 31st. Foreign buyers own 51 per cent of the £2 million-plus market in the capital.
Hamptons International's Richard Ellis said that prime residential property in London now costs around £1,200 per square foot compared to £1,000 in New York.
If you are looking for property but have not yet had that all important lottery win, get advice about house prices in your area from local estate agents.