Prime London Property is a unique market, always has been.

Accourding to a Nationwide report released today; "December saw the largest annual rise in house prices for 22 months, with property values 10.5 per cent higher over the year".

No doubt that is a correct statistic but cannot be applied to Prime London Property.

In the last quarter of 2006 most agents that handle prime property will agree that we experienced a 10%-20% increase in property prices just in the last quarter of 2006.

Comparing the UK property market with London's top addresses is misleading an inaccurate.

The same nationwide report says that average house prices are now £173,746, well according to Hometrack the average price of a property in the Royal Borough of Kensington & Chelsea is now £930,000 and £1,300,000 for all prime London property, accourding to Lonres.com.

So maybe if you multiply by at least 5, national statistics apply to prime London Property.

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"Street Talk"--- Prime London Property will continue to rise in 2007

There is every reason that property prices will continue to rise in 2007, agents and the city actually agree!

One large national estate agency firm reported that they expect the market to cool off in the last quarter of 2007.

Difficult to agree that prices may cool off and unbelievable but true that prices will continue to rise!

If we had to bet on it, we would say buy buy buy.....

In the immediate future £4.5 billion of city bonuses are to be spent on prime property, according to an article in the Times. In the longer term, buyers from Indian and China haven't even started buying yet! We would say also watch out for the Brazilians.

Unless new sellers emerge/develop as a result of this boom, prices may start to look like they are in Turkish Lira!

Agents are expecting more property instructions in the first part of the year so hopefully that will have a stabilising effect on the market.

With foreigners buying over 50% of properties in excess of £2m, it may be time for locals to sell at jack pot prices and move to the country!

With access to work so easily available over the Internet we can be anywhere we want!! so they say.......

London Property Market Updates, written by property professionals. "Street Talk"

Welcome to “Street Talk”, written by property professionals based in Kensington, London.

Covering areas such as Kensington, Chelsea, Mayfair, Knightsbridge, Belgravia & Holland Park. The purpose of our blog (Web Log) is to give you a glimpse into what is coming ahead in London's prime property market.

Agents;recognise market trends 3-6 months before the general public accept them.

We hope you enjoy the blog and we would love to hear from you if you have any comments or questions.