The London effectMonday, 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.