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London house prices will continue to rise

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London house prices are continuing to rise

Investors across the globe looking to expand their property portfolio would be well advised to consider London-based homes, with the price set to continue to rise for years, which may encourage many to make a business money transfer.

According to London Central Portfolio (LCP), the central London property market will continue to be vibrant and buck national trends in the long-term.

Hugh Best, head of investment for the group, said that property investors could continue to be bullish about London properties.

"Our view is very much that the house prices in 2008, before the credit crunch, were not over inflated," he commented.

Mr Best continued by explaining that it was incorrect to view the rapid growth in the London market between 2006 and 2007 as a bubble waiting to burst, saying that the market was simply catching up with demand.

Long-term growth had been at 8.5 per cent, but the period before 2006 was marred by the Iraq war, the dot com bubble and the September 11th attacks, diminishing growth to just 5.5 per cent.

"The period of 2006 and 2007 was actually a period of catch-up where the market was recovering back to the long-trend," he said.

However, this hit the "brick wall" of the credit crunch in 2008, which the head of investment insists wasn't a "correction".

It wasn't until March 2010 that the market finally recovered to pre-credit crunch levels through above-trend growth.

"We have, therefore, two years of lost growth," he stressed.

"We look in long-term cycles and we expect the market to be back on long-term trend by 2016 or 2017. For that to happen, we expect to see average market growth - of course, there will be fluctuations - of around ten to 11 per cent."

Figures from property giant Frank Knight show that prime London property prices grew by 0.9 per cent in June and have now risen by 8.3 per cent in the past year.

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