House prices in London rise by 14% - great news for sellers
- 24th March 2016
- Selling Property News
London property prices rise at nearly double the rate of England and Wales
New figures from the Land Registry have revealed that house prices in London have risen by 13.9% in the last year indicating that now could be a great time to sell your home.
The average property in London now costs £530,410, almost three times the average for the rest of England and Wales, which is £191,810. While the annual increase in property prices was 13.9% in London it was only 7.1% for England and Wales, almost half the London rate.
Improving economic conditions have meant that increased numbers are now in the financial position where home ownership is a realistic opportunity, which in turn has benefited those looking to sell their homes. Indeed, the latest statistics show that the unemployment rate across the UK stood at just 5.1% in January, the lowest level since 2006 and down from 5.7% in the previous year.
Average weekly wages showed strong growth, rising 2.1% between November 2015 and January 2016, up from a 1.9% increase from October to December.
Stephen Ludlow, Chairman at ludlowthompson, comments: “Higher wages and lower unemployment have boosted optimism throughout the property market.
“Homeowners looking to move up the property ladder, downsize or relocate will all profit from this rise in house prices within the Capital.
“In particular, the outer boroughs are proving very popular with young professionals and first-time buyers. The increase in demand for property in these areas, added to the rising house prices, will be a great incentive for those homeowners, who are thinking of selling, to actually put their property on the market."
Homeowners looking to move up the property ladder, downsize or relocate will all profit from this rise in house prices within the Capital
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