London property breaks £600,000 barrier
For the first time in April, we saw the price of the average home in London break through the £600,000 price barrier. This means that over the last seven years, the value of property in the capital has doubled and has risen by 11% in the last year.
The growth in house values has also been felt in regions outside of London, with England and Wales experiencing the fastest annual house price growth since December 2014, with prices of 8.9% in the year to April.
Adrian Gill, director of Your Move and Reeds Rains estate agents, which produced the figures, said that “This acceleration in home values comes when many had expected house prices to dip due to a natural decline in demand from buy-to-let and second home buyers.” However, as homeowners may be “basking in the spring sunshine”, it has us wondering how our newly elected mayor will fulfil his promise of more affordable housing prices? The visible increase and the slowdown myths are not providing relief to potential homeowners and only fuel the idea of moving out of the city.
Introducer Today discusses the figures in more depth and you can read it all here.