“London Luxury-Home Prices Increase Most Since 2008,” says Bloomberg. Which, on the surface is good news, but the underlying sales volumes are still extremely weak. Typical monthly sales volumes are around 12-14,000 units and sales are at around 7,000 units – 50% less than usual. They are admittedly up from the 2008 lows. In fact – the Land Registry just announced an “86% increase in the number of properties sold in London over £1 million,” compared to 2008.

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