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London property sales return to 2007 highs

The number of prime properties - properties costing in excess of £2 million - sales completed in London rose by 105% in March compared to the figure in February. There has been an overall increase of 83% for 2010 so far with each and every estate agent in and around the capital reporting very high demand for properties.

As we have mentioned on numerous occasions, there is no doubt that the London economy and the London property market in particular act very differently to the general UK economy and the general UK property market. In effect London is a micro-economy which has a mind of its own and an industry of its own the like of which is not replicated in any other part of the UK.

However, against this backdrop it is still very difficult to see how London property prices have so quickly returned to 2007 highs when finance in the mortgage market is still relatively low, unemployment still relatively high and UK finances in a dire state. Whether you could argue this reflects the strength of the London economy or the weakness of the overall UK economy is debatable but the London economy does not, at the moment, reflect the overall direction and strength of the UK economy.

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