Survey reveals London house prices up by 0.6 per centMonday, 28 May 2012 08:33
A recent survey shows a dramatic rise in London house prices for the month of May.
According to the Hometrack house price survey there has been a price increase of 0.2 per cent across the UK this month.
This overall figure was dramatically pulled upwards by the London market where house prices have risen by 0.6 per cent.
“London has seen demand rise ahead of supply over the last three months and prices move 1.4 per cent higher over the same period,” Richard Donnell director of research at Hometrack said.
“The impetus for growth in London came from the largely domestic markets of South West, South East and North London where prices grew by 1.1 per cent, 0.7 per cent and 0.5 per cent respectively.”
Across the rest of the UK prices remained stagnant or continued their downward fall.
The number of asking prices achieved during the month has also increased to hit 93.2 per cent.
This high percentage has not been reached since September 2010, and London sees an even better chance, achieving an asking price in 94.6 per cent of house transactions.
It is forecast that increased mortgage rates and the dismal Eurozone will impact on the UK’s economic growth, hence dictating demand and prices in the summer months to come.