London house market puts rest of UK in the shade - Mortgages - News - Moneyfacts


London house market puts rest of UK in the shade

London house market puts rest of UK in the shade

Category: Mortgages

Updated: 28/06/2011
First Published: 28/06/2011

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The property market in London continues to leave the rest of England and Wales trailing in its wake.

Figures from the Land Registry have revealed that the average price of a home in

England and Wales fell by 0.4% in May, taking the average price to £161,823.

It means that over the last 12 months, the average home has fallen by 2.2% in value, which is the largest annual decline recorded since October 2009.

But the picture in the capital tells a different story. In May, average prices rose by 0.2%, taking the annual price rise to 2.9% in London.

And within London, it is the trendy area of Islington that has seen the largest price rises, with a home in the borough increasing by an average of 8.5% in price over the year to May.

It is the only region in England and Wales to record a rise rather than a fall in prices over the last 12 months, and means that a buyer in the capital can expect to shell out just shy of £345,000.

All other regions recorded a fall in prices, with the most pronounced losses being suffered in the North East, where an average of 6.9% was shaved off the worth of homes in the last year.

In May alone, it was Wales that took the biggest hit, with an average fall of 3.5% in house prices.

Figures also show that sales volumes have fallen over the past year.

From December 2010 to March 2011, the number of houses sold in England and Wales averaged 44,314 a month.

It represents a significant fall from the same period last year when sales volumes averaged 52,060 a month.

Find the best mortgage rate - Compare best selling mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Londoners could be saving for a century to buy

We all know how expensive property can be in London and how tricky it is to get on the ladder, but the figures could still come as a shock, with a study finding it could take more than a century for the typical Londoner to save a deposit.

85% of remortgagors benefit from lower rates

Mortgage rates are among the lowest ever recorded, and in the case of fixed rates, they just keep falling! This means it’s never been cheaper to fix your mortgage rate for the long term, and unsurprisingly, remortgagors are taking advantage.

Does your mortgage lender owe you money?

Earlier this week, the financial watchdog revealed that hundreds of thousands of mortgage holders could have been overcharged by their lender. Are you one of the many who could be in line for a windfall?