Following the Jones Lang LaSalle residential market forecast for 2012 announced last week, where it was predicted that house prices could rise again by as much as 4% in prime central London next year, the London based residential team has announced that they have exceeded £1.5bn in new London apartment sales in 2011, with two months left to go before year end.

Peter Murray, Residential Director at Jones Lang LaSalle commented: “2011 has been an outstanding year for international and domestic interest in the London residential new development market, with domestic transactions making up a significant amount of the £1.5bn residential sales that we have concluded. Whilst international sales still remain positive, especially in prime central London, the increase in demand from the UK market is extremely significant and should not be underestimated.

“With the increased uncertainty and volatility in the European equity markets and low bank interest deposit rates, we have witnessed an increase in purchasers seeking tangible assets in residential property. This coupled with the strengthening of the rental sector and the imbalance of supply and demand with lack of product, presents London property in these uncertain times as an alternative but attractive proposition.”