London house prices are below 2007 levels in more than half of the city’s 243 postcode districts, the Financial Times reported, citing data from property researcher Hometrack Ltd.
Average property values in 193 Greater London postcodes are 20 percent lower than four years ago, the newspaper said, while prices have risen in 40 areas including affluent neighborhoods Knightsbridge and Belgravia. House prices in certain areas are being inflated by demand from overseas buyers, the FT cited Hometrack’s director of research Richard Donnell as saying.
Luxury-home prices in London gained for the 14th consecutive month in December, according to broker Knight Frank LLP, even as a weakening economic recovery drags U.K. average property prices down.
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