London average property price up by 9.6%

The average house price in LondoUK-Houses-Home-Mortgage-lendingn has increased by 9.6% in a year to £499,997 bringing London’s market back in pace, reversing the recent slowdown in London.

The average house price in England and Wales is now £186,553 which is of 5.3% increase when compared with last year, according to a report in October. Price rise in September was 1% in England and Wales but it was 1.8% in London.

Expert says: “House price growth has been fair since last year, although the capital has been outperforming strongly. The Improvement in mortgage affordability is helping to counter concerns about rising house prices. Also, the greater availability of mortgage is due to low rates, low inflation and increasing wages which has motivated the demand. However, borrowers are very aware that today’s rates won’t last forever. The lack of properties coming in market is making the home buying process even competitive, pushing up prices beyond the level of inflation, limiting the choices of buyers.”

Leave a reply

Your email address will not be published.

Back to home page