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|London House Prices Shoot Up |
- City pay powers hike in property values
CENTRAL London house prices have risen by 23 per cent in the last year, according to estate agent Knight Frank.
That huge rise has helped the figure for London as a whole increase by 10 per cent this year, which in turn, says property website Hometrack, has pushed house prices in the UK as a whole by 5 per cent, with several regions posting flat prices.
Those central London hikes have been fuelled by the enormous increase in bonuses paid to City high earners, which a survey by the Centre for Economics and Business Research predicts will be a record this year – around UKP8.8 billion, compared to UKP7.4 billion in 2005.
Part of the explanation for the bonus increase is the recent upturn in overall share prices, which have taken until now to get back to the pre-9/11 level.
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