London house prices equal to Monaco

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by Kay Murchie

Property prices in some of the elite postcodes in London are soaring and have risen by 33% over the last 12 months. According to research, this is the fastest rate for 30 years.

In addition, superior homes in Knightsbridge and Belgravia have increased by more than 45% annually and a number of properties in the capital are now selling for approximately £3,500 per square foot.

Monthly price growth averaged 2.8% in the 6 months to May 2007, compared to only 1.9 per cent in the same period to May 2006. The value growth in London means that it is now on a par with prices in Monaco.