FT: August sees £1m house sales in London soar - Spear's Magazine

FT: August sees £1m house sales in London soar

The number of homes sold for more than £1m in London soared in August as buyer confidence returned on the back of a fifth successive month of rising prices.

The number of homes sold for more than £1m in London soared in August as buyer confidence returned on the back of a fifth successive month of rising prices.

Sales of such prime London homes rose by 234 per cent this month compared to last year, according to Knight Frank, the upmarket property consultancy, reflecting both the depth of the slump last summer and a significant recent increase in activity.

Sales in August were also 90 per cent higher than January 2008, near the peak of the prime London market, and agents say turnover is returning to normal after more than a year during which transactions dried up.

Savills, a rival property agent, also recorded a strong surge in sales in the second quarter, based around the recovering market in London and the south-east.

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