According to the Land Registry’s House Price index report, released yesterday, based on information up to 28th Feb 2016, property prices in London have risen by an average of £63,082 over the past 12 months, an increase of roughly 13.5%. This leaves the average London property price at £530,368. We take a look into some of the other key points from the report:
Andrew Bridges, managing director of Stirling Ackroyd comments: “House prices across the country have paused for breath – but London is still dancing to its own tune. In the capital, a steady beat of demand shows no signs of stopping.
“Higher prices aren’t stifling any interest from those living in the capital, even if the mixture of movements is shifting. Not all of London is seeing property prices surges, with the more traditional top of the prime London market much quieter. But this is more than made up for by new, emerging suburbs and the surprisingly affordable parts of central London which still persist.
“As the capital’s population keeps on growing, the London housing market is getting ever warmer and more crowded. This is underpinning solid house price growth for sellers. But for buyers and renters it makes entry to the housing ladder ever more difficult. Hundreds of thousands of new homes are the only real answer. Mayoral candidates are still reluctant to take on such a massive challenge – but if they want to gain entrance to City Hall on election night, they might have to do more to help Londoners enjoy the success of the house price party.”
Read the full report here.