LONDON, February 24 /PRNewswire/ --     Asking prices in prime London areas increased by 1.2% (GBP16,106) in
January, the third successive month of rising values, according to
Primelocation.com's latest House Price Index, a unique measure of the Prime
market based on a sample of over 62,000 properties in London's most
prestigious areas.

Prices rose across all five prime London regions with the largest
increase recorded in West/South West London; a rise of 2.29% (GBP21,418). The
market was especially buoyant in Hammersmith and Chiswick where asking prices
rose by 14.3% month on month.

Andrew Smith, Primelocation.com's Head of Market Research, comments:
"Last month we noted that the recent upturn in asking prices in Prime areas
after six months of falling values provided tentative evidence that the
market was stabilizing. This third month of rising prices adds further weight
to that conclusion."

Agents have reported greater activity in the market for the past three
months, particularly from overseas buyers attracted by lower prices and a
weak pound and from cash-rich UK buyers keen to buy while the market is still
unsteady. Hamptons reported a 12% increase in net sales in London in
November. Savills recently noted that prime London properties would now cost
50% less to a new Japanese investor and 40% less to a Hong Kong, Singaporean,
Taiwanese, Swiss or Eurozone investor.

"This rise in buyer activity has been mirrored by online activity. Total
monthly visitors to Primelocation.com were up 12% year-on-year in January and
property views were up by 13%. The non-UK visitor number was up by 9% year on
year driven mainly by the Euro zone and US. "

Andrew Smith concludes: "While the recent stabilization is welcome news,
it is important to acknowledge that the substantial gains in early 2008 have
been eroded and asking prices are only 1.61% (GBP20,547) higher than this
time last year.

"With lending levels at an all time low and the general economic outlook
still very much on the downside, we expect vendors to remain under pressure
to further negotiate on asking prices.

"However, lower interest rates, a weaker pound and a growing sense that
the market is edging closer to the perceived low point should encourage an
increase in transaction levels and help sustain prices."

The full Primelocation Price Index is available at
http://www.primelocation.com/houseprices/.

Notes for editor:

Primelocation.com is a comprehensive property website. It contains
information on UK and international properties for sale, estate agents, news
and views about the housing market as well as information on property
auctions.

Contact Details
    Christopher Evans
    Primelocation.com Online Marketing Manager
    christopher.evans@primelocation.com
    +44(0)207-534-2609