March Rise

The latest market report from Primelocation.com shows an improvement in asking prices in prime London…

Here are the headline figures:

- Asking prices in February rose across four of the five Prime London regions with the largest monthly increase recorded in West/South West London (2.84%).

- Central London: the only region to still record positive year-on-year growth (3.24%)

- Outside the Capital, prices fell again for the seventh successive month, bringing the average asking prices down 0.39% on January 2009

- The South West (-6.57%) and the South East (-1.58%) recorded the largest falls while the West Midlands & Wales (15.61%) and Scotland (8.14%) continued to record strong growth

- In the Prime London lettings market prices fell for the eleventh successive month and were 13.72% lower than this time last year

- Excess supply remains the defining feature of the market – in February stock levels were up 97% year-on-year.

- All the five prime London regions saw rents fall as a consequence, with Central London (-2.42%), North West London (-2.35%) and Islington, City & Docklands (-2.30%) recording the largest declines.

For the full commentary and detailed breakdown, go to Prime Location.com March 2009 Prime Index