London house prices up and down

Posted by Rebecca Stains in Neighbourhood on 4 April 2014 - Rebecca worked as a Credit Analyst at checkmyfile until 2015

House prices in London have increased by almost a fifth in the past year.

They are up by an average of £11,000 in March according to the latest Housing Price Index produced by Rightmove. Rightmove is the largest property website in the UK and the indictor is often regarded as the largest and most accurate housing price index report produced.

The typical price of a home in London now stands at £362,699 - 15 times the average salary in the UK of £23,452.

Robert Gardner, Nationwide's Chief economist, says, "The gap between house prices in London and the rest of the UK is the widest it's ever been, both in cash and percentage terms".

While outer borough's prices increase, prime locations in the city are not contributing to these changes in overall house prices. In the four most expensive boroughs of London, where average asking prices are more than £1m, Westminster property prices dropped by 2.3%, Kensington and Chelsea by 2.4%, Camden by 1.4%, with the only borough holding steady being Hammersmith and Fulham with a marginal rise of 0.8%.

Miles Shipside of Rightmove says, "Demand continues to outstrip supply in many areas and with the spring market approaching, further record highs are to be expected. Buyers seeking better value are pushing up demand and consequently prices in more affordable areas, causing a wave of new price peaks in areas before rolling on to the next cheaper location”.

Mr Shipside adds, "The slack caused by prime London’s slowdown has been taken up by London boroughs further out. While the top-end locations remain sought after and highly valued, the slow-down in the pace of their rises was bound to happen after some very heady increases”.

"There is a definite spring seller upturn which is great news for buyers who have been starved of fresh stock in popular locations. While the greater choice available to buyers will mitigate some of the upwards price pressure that many sellers have been able to exert, structural shortages remain in the housing supply in London”.

Using Nationwide's House Price Index, the average UK house price in March was the highest level since January 2008 - but still 3.1% below the record high of £186,044 seen in October 2007.

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