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Home.co.uk

News: London house prices up £10,000 in past month

Tue, 16 Jun 15


London house prices have risen by more than £10,000 in the past month, according to new figures.

Research from Home.co.uk shows that confidence after the decisive Conservative election win is "so high" among sellers in the capital region that the average home price in Greater London increased by more than £10,000 during the last month.

Despite the headline figure, though, the Prime Central London market is still struggling to regain momentum, after a year of moderation. Pricing remains stagnant and flats in the likes of Belgravia are typically spending around 50 per cent more time on the market than they were in June 2014, says Home.co.uk.

Indeed, recent figures from LSL/Acadametrics show that annual house price growth in London was just 2.4 per cent in May 2015, down from 20.7 per cent in the summer of 2014.

Time on market data for the rest of the UK shows that the northern regional markets, Scotland and Wales have all increased their momentum over the last 12 months, notes Home.co.uk’s index.

Momentum is on the rise even in the formerly stagnant North East property market as indicated by a 13% improvement in the average marketing time.

"The supply of property for sale remains behind buyer demand in all regions except Greater London, where marketing times have increased considerably over the last year," says the site. "Meanwhile, prices leaped by a stunning 2 per cent over the last month in the capital region. This tends to suggest pricing may be moving out of step with the market dynamic due to over confidence; a common sign that a vigorous market is approaching a ‘frothy top’."

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