House prices in London hit a 3-year high
HOUSE prices in London have jumped to their highest level since January 2008, figures from the Land Registry revealed yesterday.
The average home in the capital cost £352,187 in April, up three per cent from the previous month.
Prices were up by 0.8 per cent across the UK, yet remained 1.3 per cent below the same time last year.
“London is defying the dip in house prices elsewhere in the UK,” said Peter Rollings of estate agent Marsh and Parsons.
“Prices in London have gone up by five per cent this year and with limited supply and huge demand, we believe this trend will continue,” Rollings added.
Prices in London will rise two per cent per annum faster than in the rest of the UK, a separate report from the Centre for Economic and Business Research claimed yesterday.
The average house price across the country stands at £163,083, according to the Land Registry data.
In the north east prices are down 8.1 per cent from April 2010, the sharpest dip out of all the UK’s regions. An average home in the north east now costs £103,295, according to the data.
The number of UK houses sold in February of this year dropped by 10 per cent compared to a year ago, the Land Registry said.
However, the number of properties sold for over £1m increased from 399 in February 2010 to 454 this February, a 14 per cent rise.