London’s luxury homes sell at fastest pace in 2 years
September 01, 2009 - London
London's luxury homes last month sold at the fastest pace since the market started to slide more than two years ago as overseas buyers took advantage of a weakening pound, Knight Frank LLP said.
About 250 homes and apartments costing more than 1 million pounds ($1.6 million) were sold during August, compared with about 75 a year earlier, said Liam Bailey, head of residential research at the London-based broker.
Prices increased in August for a fifth straight month, reducing the annualized decline to the lowest since October.
"The combination of rising prices and increasing confidence in the central London market has had a dramatic impact on the number of sales which have taken place," Bailey said in an e-mailed statement today.
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