Peter Rollings commenting following the latest house price figures from the Land Registry
Friday, 27 November 2009
"The Land Registry is the most reliable house price index, but the lag in data means it doesn’t always offer the most up-to-date reflection of the housing market, particularly in fast-moving markets such as London. In the capital, where fierce demand from buyers and a chronic shortage of properties for sale drove the rapid uplift in prices for several months, there has been a significant recent shift. Buoyed by improving market conditions, London homeowners have grown more confident about putting their homes on the market and this has led to a surge in instructions. In November, we’ve seen a 60% increase in instructions compared to this time last year. This will put the brakes on the rapid price growth and we can now expect a healthier, more sustainable pace of recovery."
He adds: "London house prices turned the corner long before other regions and this is only the first month where the rate of price growth has been faster in some other regions. London will almost certainly record a positive annual change in prices by the end of the year."
-ENDS -
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