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"Demand for prime London property in 2011 outpaced supply and led to strong price performance"
- Liam Bailey, head of residential research at Knight Frank LLP
U.K. luxury-home prices rose 0.8 per cent for a 14th consecutive month in December, said the Knight Frank LLP, as overseas buyers turned to safe haven assets and competed for a smaller number of properties for sale.
"Demand for prime London property in 2011, despite uncertainty resulting from the euro-zone debt crisis and ongoing global economic uncertainty, outpaced supply and led to strong price performance," Liam Bailey, head of residential research, said in the report.
"Tight supply has remained a feature of the prime central London property market through 2011," Camilla Dell, founder of London-based Black Brick Property Solutions LLP, said in a separate report. "We see little reason why this might change materially in 2012."