London house prices ‘always outperform’ regional markets

The median property value in London was £519,934 in November 2021, according to data released by the HM Land Registry. The latest UK house price index shows London had the lowest monthly price increase, 0.2% and the lowest annual price increase, 5.1%, of any region in the UK. Brother.

house price in London, the region’s property market has “always outperformed” regional property markets throughout the pandemic, London Evening Standard reported. This is partly due to the “race for space” during the lockdown and also because the stamp duty has a “much larger impact on buyer demand”. outside the capital.

Jamie Durham, an economist at PwC UK, said with the average London home now costing close to £520,000, this “limits affordability and therefore increases prices”. While there is still “significant uncertainty” in the market outlook, “we expect prices to continue rising into 2022 but at a slower rate than in 2021 as conditions begin to normalize.” “. The “most significant risk” to the outlook is “persistent pressure” on Cost of living, he added.

Average price by property type in London

Property type November 2021 November 2020 Difference %
To separate £1,044,251 £959.523 8.8%
Sold separately £661,506 £616,305 7.3%
Step £553,035 £531.341 4.1%
Apartment/small house £442,689 £422,998 4.7%
overall £519,934 £494,552 5.1%

The source: Gov.UK

UK average rises to £270,708

While London’s annual price increase of 5.1% was the lowest of any region in the UK, the south-west had the highest increase at 12.9%, according to the report. Land registration data.

Across the UK, house prices are up 10 per cent in the year to November 2021 and 1.2 per cent since October 2021. This brings the average UK property value to £270,708 – more than 25,000 table compared to this time last year. Median house prices increased over the year in the UK to £288,130 (9.8%), £199,877 (12.1%), Scotland £183,000 (11.4%) and in Northern Ireland to £159,000 (10 .7%).

James Forrester, chief executive of Barrows and Forrester, said that any concern that the end of the tax break would lead to a drop in house price growth “can now be just fine and actually go to sleep.” sleep”. Not only has the market “maintained bullish momentum,” but it has continued to “shift through gears during what is usually a quieter time of year.”

Much of the same is expected in 2022, Forrester added. “Demand remains strong, supply remains tight and borrowing costs remain very affordable.” London house prices ‘always outperform’ regional markets

Fry Electronics Team

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