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London calling
Could London’s top prime properties cost as much as £10,000 a square foot? Some think that’s just around the corner. David Bain looks at one asset class that is booming.
At a presentation last April by the upmarket estate agent Knight Frank, a prediction of where prime property prices might be heading for in the most desired neighbourhoods in London was made.
Liam Bailey, head of research at the property group, said he could imagine prices reaching incredible heights in the year ahead. His exact words were: “Given that top properties were selling for around £1,000 (€1,149) a square foot around a decade ago and that those same properties could now achieve £6,000 a square foot, it’s entirely possible that we will see levels approaching £10,000 soon.”
