London Prime Property Prices Rise by 12.6% in November

According to the latest report by one of the British real estate companies, the increase of prices on prime property in London hit its 14-month high in November.

House prices on properties worth over 3 million pounds grew by 12.6% last month; such unprecedented price growth was last registered in September 2010, when values skyrocketed by 14%.

Commenting on the findings, Liam Bailey, the representative of the estate agency, said: "This growth has taken place against a backdrop of ever- worsening global economic news and rising threats of a second credit crunch. A typical prime London property has risen in value by more than 1,202 pounds per day over the past year."

It is also interesting to note that the growth occurred not also on the backdrop of the economic crisis, but also on the backdrop of the improved supply.

As such, the number of new properties that entered the market in 2011 was up by 8%. The estate agency does not reveal the number of properties that are still available for purchase.