Response to the latest Land Registry data and the Bank of England's Funding for Lending announcement
Thu 28 Nov 2013
Peter Rollings, CEO of Marsh & Parsons comments:
"Despite a slight monthly dip as the market cools down for winter, there has been a significant improvement in house prices nationwide in the past year. Compared to the difficult lending conditions a year ago, the property market today is almost unrecognisable. Record low interest rates have sent ripples of fluidity throughout the market and unleashed a barrage of first-time buyers. However this mornings announcement scrapping the Funding for Lending scheme for mortgages may see a change of wind in the New Year and usher in a new stability to the market.
"While there is still chequered growth in property values across the country, London prices continue to speed ahead in a different gear. The 8.7% annual growth reported today vastly outshines that in the rest of the UK. In Prime London in particular, prices are even higher and continuing to rise. Our research shows that over half of all Prime London properties are now worth 1 million or more, reflecting intense demand from both overseas and domestic buyers for the best properties in sought-after postcodes. There are currently 18 registered buyers per property, fuelling sales to take place in record time and for close to the asking price."