Submitted by Tyler Durden on 03/31/2014
Overnight, UK property consultancy Knight Frank reported that London property prices rose 7.5% annually, modestly slowing from 8.1% in March 2013, and 11.3% March 2012.
Slowing you say? Not really, and certainly not at the high end: "London sales over £1 million accounted for 22% of the £4.7 billion total in the 2012/13 tax year, while sales over £2 million made a 15% contribution.
Transaction volumes in both price brackets represent less than 2% and 1% of the total, respectively" Knight Frank reported.
But really putting it into perspective is the observation that on the 5 year anniversary of the centrally planned, HFT-rigged market ramp, London real estate prices have risen by a stunning 68% in the 5 years since March 2009.
Why? Perhaps the breakdown presented below, showing that London is nothing more than a hot money parking lot, with Singapore, Hong Kong, China, Malaysia and Russia (ahem Ukraine) and others accounting for nearly three quarters of all London new-builds, should explain it, and also explain why if the Chinese property and credit bubble indeed are popping, then London should be very scared.
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