House prices continue to hold up well
- 14th November 2012
- Selling Property News
Mixed results from different indices, but overall London is a clear winner despite challenging economy.
The three latest reports from the three main house price indices show a very mixed bag of results across the UK. Overall the prices seem to have held up well despite the economic headwinds.
However, whilst the trend across the UK seems blurred within London the story is much clearer.
- Rightmove show average UK house prices in October are up by 3.5% on September and up 1.5% from last October. London prices show a sudden 4.8 % increase in a month.
- Nationwide reports a smaller increase of 0.6% amongst UK property prices at the end of October 2012 compared to September 2012.
- Halifax, however, shows a decline of 0.7% for average UK property prices in October.
Stephen Ludlow, Chairman of ludlowthompson says: "With the economy still pretty anaemic it is heartening to see to see that national house prices seem to have held their ground so well. London remains the star performer yet again. There is a two speed economy in the UK and that is feeding through to the housing market.
"Although it’s the super-prime areas of Kensington & Chelsea with an annual increase of 15% that has performed best, the growth in property prices have been well distributed across London."
Haringey for example has seen prices increase by 10.8% over the last year and Tower Hamlets by 7.6% in a year.
Stephen Ludlow adds: "London’s property prices show that London is a safe place to invest and remains well insulated from some of the tougher economic conditions outside of London. The sudden increases in house prices in some unexpected areas of London suggest that if an area’s property prices lag behind the London average for too long then the bargains get snapped up and prices can rise sharply."
London remains the star performer yet again.
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