Average asking price for prime property at all-time high

The average asking price for prime properties in the UK is at an all-time high following a 0.9% increase last month, according to the latest Prime Index from website PrimeLocation.com.

Asking prices for prime homes – which are the top 25% of all UK property by value – currently average £478,797. This is an increase of 4.8%, £21,756, on the same time last year.

The strength of London’s prime property market is a key driver. Asking prices here are at an all-time high of £1,307,801. This is £158,047 or 13.7% more than a year ago.

At a regional level, all areas of the UK experienced a month on month increase in prime sales asking prices except the North East, where prices fell 1%. Compared to 12 months ago, prices are up in every region except Yorkshire and the Humber and the North East, with the strongest regional year on year performance outside of London in the North West, where prices are up 7.5%.

Nigel Lewis, property analyst at PrimeLocation.com, says: “As the bad news rolls in from outside the UK and the economy stutters, the prime market has been marching on regardless as the UK’s wealthiest home owners continue to prosper. With the exception of the North East, which is the only region to see prime asking price fall every month in 2012.

He adds: “The highest priced homes in London are rarely owned by average Brits, which is why the prime London market behaves so differently to the rest of the UK. Demand from wealthy overseas investors has, and will continue to, keep this prosperous market afloat despite the sluggish economic performance seen across the rest of the country.”

 

Borough Current Prime Asking Price Monthly Increase in Prime Asking Price Annual Change in Prime Asking Price
Wandsworth £1,293,745 3.0% 29.3%
Lambeth £809,469 2.4% 23.7%
Barnet £1,480,823 2.2% 21.9%
Hammersmith And Fulham £1,795,306 3.1% 20.0%
Tower Hamlets £678,050 3.3% 17.1%
Haringey £1,217,528 4.9% 16.6%
Southwark £876,372 1.8% 16.5%
Ealing £999,574 3.3% 16.2%
Richmond Upon Thames £1,106,306 4.7% 15.2%
Hackney £716,228 1.7% 14.8%
Islington £1,033,842 2.0% 11.7%
Kensington And Chelsea £2,829,595 1.6% 10.8%
Camden £1,903,726 0.2% 10.2%
Kingston Upon Thames £731,872 0.9% 7.8%
City of Westminster £2,329,389 0.2% 6.5%
Merton £1,122,990 1.7% -1.3%