The London effect

Monday, 02 April 2012 10:14

London continues to perform well in the house price stakes, holding up the UK market figures.

House prices across the UK saw a rise of 0.2 per cent in March, the first rise in 20 months according to Hometrack.

Yet London continues to see prices rise clocking up a 0.5 per cent increase in March.

This is the largest monthly increase in the capital since April 2010 and according to Hometrack continues to drive national figures.

More than 94 per cent of properties in the capital achieve their asking price or above.

These figures are obviously affected by demand for housing in the capital with the average time between listing and selling a property sitting at less than six weeks in London.

This compares to the midlands and north where it takes 11.6 weeks to sell a property.

Overall there was a 4.4 per cent increase in new buyer registrations with property agents.

This has clearly dipped off since the removal of the stamp duty exemption as February saw an 18 per cent increase in registrations.

Despite the small rise it is enough to create momentum in the market with Hometrack forecasting a further increase in demand in coming months pushing house prices up with it.
  

November increase in buyer demand

New buyer inquiries rose for the third month in a row during November, while newly agreed property sales also increased, according to the Royal Institution of Chartered Surveyors’ UK housing market survey.

Prime London prices continue to pull away from rest of UK

There is a growing price dislocation between the domestic UK market and central London, which is perceived as international property investment hub and playground of the rich and famous, according to London Central Portfolio.

London and the south 'prop up property market'

The latest house sale figures from Rightmove shows sales of premium property in London and the south is boosting the UK average house price. In fact, property prices in the south (£336,743) are now more than double those in the north (£164,347).

UK house prices see biggest rise in London and Southeast

The latest property market figures from LSL Property Services have revealed the growing disparity in UK house prices. Areas such as London and the South East continue to outperform other regions of the country in terms of growth, according to the figures.

London bucks national trend with 0.2% rise in house prices

The London housing market saw a 0.2 per cent increase during March, unlike the rest of the UK where prices fell on average by 0.1 per cent, according to the latest figures from Hometrack's national survey.

 

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