I recently did an article on the phenomenal rate at which the London property market is growing. It seems this latest trend of growth just continues to gain more and more momentum as the months pass by and London properties for sale are now on average more expensive than properties in Monte Carlo, making prime property the most expensive of its kind in the world!
The study carried out by a London estate agent has revealed that a London property that costs around the £5 million mark is currently being sold at a rate of about £4000 per square foot of property. This is significantly more than Monaco which is second on the list and selling property at an average of £2190 per square foot of property. To give you an idea of how expensive this is, picture a normal sized walk-in closet in central London. At a price tag of £4000 per square foot of property, you could by a 3 bedroom house in the North of England for the same price as a walk in closet in central London.
A house in Belgravia was recently sold for a phenomenal London property sale of £30 million. If that sounds like a lot, it's still nothing in comparison to a London property which is owned by steel tycoon, Lakshmi Mittal. The 12 bedroom property situated in Kensington Palace Gardens is rumoured to be worth more than £100 million.
The current rate at which the property market is growing is the fastest in 30 years. Estate Agent Clapham North has been part of the research which has revealed that people who live in prime areas such as Chelsea, Kensington, Knightsbridge and Hampstead are currently earning more than £4000 per day on their London properties.
The current growth in the London property market is expected to stabilize in the middle parts of the year and then regaining pace again towards the end of the year. This is all good and well for the London market, however there are still serious concerns about the rest of the country's property as there is not much growth showing in other parts of England. The average price for a property for sale in London is about £350,000 whereas the average price of property in the North East is less than half of that at £129,000. Let's hope the London property industry is able to carry the weight of the entire country!