The so-called "spring bounce" has had a notable affect on London property prices, with some reports suggesting it is close to a record rise. The average house price is now £449,252, a little lower than last October's £450,210. While economic conditions are tough, such news may seem rather odd. But some sectors in some parts of the world enjoy a kind of immunity to the economic pressures experienced by most of the population: the London property market is one of those places.
The continued stability of London property prices is likely to be down to a number of different issues, including the fact that certain cash-rich sectors - where demand outstrips supply - pushes the average price up. In addition to this, estate agents are often given new selling instructions as spring approaches - which generally involve achieving a more ambitious selling price.
Another important factor that affects the spring rise - or at least the continued stability of London property prices - is that of the foreign investor. As well as commercial property investments, London is seen as a very attractive place to live, work and potentially bring up a family. With new money coming from Russia, China and India, among others, this is likely to be an increasingly important factor.