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After two years of plummeting prices in London's luxury property market, demand has suddenly spiked and prestige real estate agents can't get enough listings, according to a report in The Australian Financial Review.
The average price of a house or apartment valued at over £1m ($1.82m) grew by 4% in the last quarter despite a year-on-year fall of 4.9%.
The weakness of the pound and a median price 18% below the September 2007 peak have contributed to healthy interest in the prestige market from local and international buyers.
Listings are down 25% on the five-year average, said London estate agency Savills. Supply is expected to level out, however, as vendors who have been holding back through the price slump finally list their £1m+ London properties.
Savills will start marketing a £25m ($45.5m) property in Chelsea next week. The 1,186m2 house, a former residence of painter James Whistler, overlooks the Thames and features six bedrooms and parking for eight cars.
