Press response to Land Registry data
Thu 26 Sep 2013
Peter Rollings, CEO at Marsh & Parsons, comments: "This mornings figures paint a positive picture of the UK housing market as it continues its steady recovery. The improving economy, Help to Buy and low interest rates are having a knock-on effect on the property market, with stable price increases and a reduction in the number of repossessions all pointing to a wider economic recovery.
"In comparison to the rest of the country, the annual price increases for London are on completely different plain. London is a market within a market, where the price of property bears little relation to wages and affordability. An imbalance of supply and demand means that property is changing hands in record time and for close to the asking price. But the entire UK property market cannot be judged on what happens in the capital the London property market has always operated on a very different level to the rest of the UK. While interest rates remain low, Prime London property will continue to be seen as an attractive investment opportunity for both UK and overseas buyers, and competition for properties will remain high."