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

News

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

MONEYFACTS ARCHIVE
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 It is now over 6 months old so the content may be out of date.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 Any products featured may be withdrawn by their provider or changed at any time.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

The time is now for remortgaging

Mortgage borrowers have been urged to review their existing deals after it was revealed that remortgage opportunities continue to flourish in the post-Brexit vote world.

Goodbye to the Help to Buy Guarantee

On 31 December, phase two of the Help to Buy initiative will be withdrawn from the market. It’s certainly done wonders for the high loan-to-value sector, so we thought we’d take a closer look at the significance of the scheme and the effect it’s had.

Remortgaging bounces back

Remortgaging has been enjoying a welcome boost in recent months, despite September’s slight dip, with many homeowners capitalising on record low mortgage rates to boost their finances.
 
Close