London house prices continue to rise
- 14th May 2014
- Buying Property News
Buyers can stay informed on what they should be offering with ludlowthompson’s guide to London house prices.
In London’s current housing market, buyers need to be armed with the latest information in order to make sure that their bids on properties are competitive.
We recommend buyers make use of the house price indices produced by the Land Registry, Nationwide Building Society and Halifax to ensure that they have the latest figures on market rates for properties by area, postcode, property type and age.
Nationwide’s index shows that the average London residential property rose in value by 25% over the past year. At the end of March 2014, the average London property was worth £375,278, compared with £299,288 a year earlier.
Looking a little more closely at the data broken down by property type, we can see that flats and maisonettes saw the biggest percentage increase over the past year. The average London flat rose in price by 30% in the last 12 months, going from £255,775 to £331,851.
London buyers’ demand for period properties is visible in the 39% rise in the price of pre-1919 flats in the capital, the single largest price increase seen in any property type or age group.
Stephen Ludlow, Chairman, ludlowthompson, says: “A 30% rise in the price of London flats in just a year certainly is eye-catching, and highlights the pressure that prospective buyers are under to buy soon, to maximise what their money will buy."
Prospective buyers should be considering making their move now, to maximise what their money will buy.
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