Press response to the House Price Index from the ONS
Wed 16 Apr 2014
Peter Rollings, CEO at Marsh & Parsons, comments: "House price growth in London continues to tower over that in the rest of the country, with properties in the capital increasing in value by 17.7% in the year to February 2014. Prices in the capital are boosted by insatiable demand for property from both UK and overseas buyers. Internationally, Prime London property in particular is still seen as an unshakeable pillar of investment, and until other forms of investments become more attractive, London property will continue to be viewed as a global reserve currency.
"Areas of South West London, such as Balham and Clapham, are showing the highest levels of annual price growth. These are fast becoming hot-spots for young families and first-time buyers eager to get onto the property ladder and who may have been priced out of more central areas. Strong demand in these areas is creating record conditions for sellers we recently sold a two-bedroom flat in Fulham for considerably over the asking price, after 72 viewings and 14 offers were received within the space of two weeks.
"However we anticipate that these record-breaking conditions will also encourage sellers to put their homes on the market in the busier spring season, easing the competition among buyers and stabilising market conditions as housing stock is replenished."