Peter Rollings commenting on the Land Registry figures
Thursday, 28 October 2010
"The Land Registry figures showed a dip in London prices in September, but small, monthly fluctuations are not uncommon and this is certainly not the start of a downward trend. The true indicator of the health of the housing market is activity. In London, the latest Land Registry figures show an 11.9% annual increase in property sales in July - compared to only 1.3% nationally - and this proves that the fundamental outlook for the capital is positive. Unlike other parts of the country, last week's government Spending Review will have minimal impact on buyer demand in central London. Central London boroughs are also far less exposed to the UK's ongoing mortgage drought, as 71% of purchases were made by cash buyers in August, while nationally 73% of buyers needed a mortgage. Demand from cash rich buyers and overseas investors remains very strong and, as a consequence, the prospects for the London property market are very different to the overall UK market."
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