Soaring demand and a lack of supply pushes house prices to record highs
- 27th April 2015
- Selling Property News
Average asking price for a London property approaches £600,000
Average asking prices for London properties have hit an all-time high, rising almost 7% in the year to date and bringing the average price of a property in the capital to nearly £600,000.
Seller confidence will be boosted as demand continues to grow for properties in the capital. This is partly due to a lack of supply – earlier this month, data from the Office for National Statistics revealed that private house building has fallen again by 1.6 per cent so far this year.
Demand for property will continue to rise as Government policies such as help to buy aim to make it easier for buyers to enter the housing market. Increased access to mortgage lending and low interest rates are also offering greater encouragement to buyers.
Soaring demand is great news for sellers - with 20 buyers for each property in the capital providing homeowners with increased confidence on receiving their asking price, says Stephen Ludlow, Chairman at ludlowthompson.
Stephen Ludlow adds: “With sky-high demand and Government schemes designed to boost home ownership, there will be further opportunities for homeowners looking to sell their property.”
With sky-high demand and Government schemes designed to boost home ownership, there will be further opportunities for homeowners looking to sell their property.
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