Peter Rollings responding to the latest House Price Index from the ONS
Tue 16 Jul 2013
"The London property market continues to run at its own pace, with price increases dwarfing the rest of the UK. Across the capital, property has seen a 6.6% annual growth, but in the Prime London market, this figure is even higher at 12.7% in the past year, according to the latest Marsh & Parsons research. Demand for the limited supply of quality homes in prime locations is buoyant, and price rises are rippling out from the centre. Property values in Prime London have proved to be recession resistant, with both international and domestic investors continuing to put their money into the capitals bricks and mortar to both safeguard their wealth and enjoy a better return than in any UK bank.
"House prices in the UK have risen on the strength of increased buyer demand and a shortage of properties on the market. The rapidly improving availability of mortgages has helped many first-time buyers onto the housing ladder thereby easing the market further up the ladder, and those who can meet the banks progressively lower deposit requirements are looking to leave the increasingly expensive private rented sector as quickly as possible."