London property prices up on last year
- 8th December 2010
- Selling Property News
Bucking the national trend, London property prices end the year up on 2009, with some boroughs rising 15%.
The capital is still performing well, matching the national average in its property price increase of 3.5% over the past year.
City of Westminster and Kingston-upon-Thames saw an exceptional yearly change at 15% and 12.5% respectively. Other top performing individual boroughs include Hounslow (7.6%), Haringey (8.4%), Lambeth (7.4%) and Tower Hamlets (5.6%).
Across the board London has seen a price decrease over the past month in property prices but this is not unusual for this time of year. Nationally sellers in November cut their prices by 3.2% in the hope to complete a sale before Christmas. However it is thought that buyers might be doing some last minute tightening of belts in time for Christmas and hoping to hold on for a bargain. Recent years have a seen a trend of house prices rises again in the new year.
Martin Gahbauer, Nationwide's chief economist said "There are early signs that the flow of new property onto the market may be slowing down again as potential sellers observe the recent weakness in prices and decide against marketing their properties at the current juncture."
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