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London housing market leaves UK in its wake

London housing market leaves UK in its wake

Category: Mortgages

Updated: 19/06/2012
First Published: 19/06/2012

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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 It is now over 6 months old so the content may be out of date.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 London housing market is leaving the rest of the UK trailing in its wake, new figures show.

The average price of a home in the capital has increased by 4.9% over the last 12 months – comfortably more than the 1.4% average growth across the UK , according to the Office for National Statistics (ONS).

In London, a buyer can expect to pay around £388,000 for an averagely priced home, compared with a nationwide average of £229,000.

But stripping away the London property market, the average cost of a home in the rest of the UK actually falls to £184,000.

The South East has seen house prices rise by 2.1% over the last 12 months, with the South West of England benefitting from a 1.6% rise.

However, house prices in the North West and Yorkshire and Humber have declined by 1.3%.

But nowhere have house prices declined in the UK like they have in Northern Ireland , with homeowners seeing an average of 8.1% shaved off the value of their properties over the last year.

At the end of April, the average house price in Northern Ireland was £129,000.

Figures from the ONS also confirmed the effect of the end of the stamp duty holiday, which came to a halt on March 25.

In March 2012, 43% of houses were bought by first time buyers, falling to 32 per cent in April, which is back in line with the longer term average.

The decrease in the proportion of first time buyers had a differential impact on average house prices in some regions, where they decreased in March and then increased in April 2012.

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