London Luxury-Home Prices Gain as Purchasers Seek Haven

Luxury-home prices in central London climbed the most in 13 months in October as overseas buyers seeking a haven from the sovereign debt crisis competed for a smaller number of properties for sale, Knight Frank LLP said.

Values of houses and apartments costing an average of 3.7 million pounds ($5.9 million) rose by an average of 12.5 percent from a year earlier, the London-based broker said in a report today. That’s the most since a 14.2 percent increase in September 2010.