Response to the Land Registry's latest House Price Index
Fri 28 Feb 2014
Peter Rollings, CEO at Marsh & Parsons, comments: "The roots of housing market recovery have firmly taken hold in 2014, with steady annual growth and every patch of the country experiencing annual price increases. Its great to see ripples of growth spreading throughout the country, with the North East experiencing the highest monthly price rise of 2.6% in January.
"But the London market is still surging ahead of the rest of the UK, with a 10.9% annual increase in prices in January. Average property prices in the capital are nearly three times the nationwide average, and with the disconnect between supply and demand currently at a four-year high, prices are likely to continue this upwards momentum. The Prime London market opened with a bang in 2014, with properties selling in record time and for closer to the asking price than ever before. However, conditions are likely to stabilise in the Spring, as more sellers put their properties up for sale at what is traditionally one of the busiest time of the year."