Top end properties soared in value by 0.9%, or £4,043, last month, despite the UK’s fluctuating property market according to research by property website PrimeLocation.
Several areas have seen a monthly increase in prime property asking prices – with the exception being the North East. Over the last year however, the North West saw the biggest surge in prime property prices outside of London, growing by 7.5%.
Homeowners in London, with properties ranked in the top 25% in terms of value, now command an all-time high asking price of £1,307,801.
This represents a staggering £158,047 increase when compared to last year. In the UK as a whole, the average price of prime properties is £478,797, up by £21,756 since last year.
Properties in the South West London borough of Wandsworth proved to be a shrewd investment, as prices leaped by 29.3% in a yearly comparison.
“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,” said Nigel Lewis, property analyst at PrimeLocation.
The upward trend for prime property prices continued in several London boroughs in the last 12 months. Following Wandworth’s 29.3% increase was Lambeth (23.8%), Barnet (22%) and Hammersmith and Fulham (20%).
“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,” added Mr Lewis.
“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.”
Compare credit cards with Propertywide.