London bucks national trend with 0.2% rise in house prices

Thursday, 31 March 2011 10:38

London witnessed the first monthly increase in property prices for eight months, according to figures released for March.

The Hometrack National Housing Survey shows that Central London was the primary driver of a 0.2 per cent increase in prices across the capital, sparked by a 25 per cent increase in demand and dwindling supply.

Some parts of the capital enjoyed as much as a one per cent increase over the month.

But in contrast, East London saw a 0.2 per cent fall in prices, signalling a highly polarised housing market across a relatively small area, Hometrack said.

Meanwhile, the average house prices across the UK fell by between 0.1 per cent and 0.3 per cent from February to £153,100, the report reveals.

The survey of more than 5,000 agents and surveyors indicates that this is the ninth month in a row that the country has witnessed falling prices.

Property prices in the East Midlands, West Midlands and Wales saw a 0.3 per cent fall, while in East Anglia and Yorkshire and Humberside they had a 0.1 per cent dip.

The North West, North East and South East had a 0.2 per cent drop, while house prices in the South West remained unchanged, Hometrack said.

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