24dash.com: London house prices rose by #260 a day in 2014
Fri 23 Jan 2015
Friday 23rd January 2015 - 10:18am
London house prices rose by 260 a day in 2014
Average London house values rose by 260 a day during the course of 2014, figures have shown.
According to estate agent Marsh & Parsons latest London property monitor, the majority of the capital's property
price rises were in the first half of 2014 and values actually dropped by 1.6% in quarter 4 - the first quarterly fall
since 2011's Q2.
The South London neighbourhood of Balham experienced the steepest rise in values, where homes soared by
21% last year. With the average London home rising in value by 95,000 last year, Balham properties shot up
According to Marsh & Parsons, 2015 has heralded a swell in demand for property with 13 buyers to every
available home in January so far.
With property prices in outer prime areas of the capital typically 25% lower than the wider prime London average,
stronger demand for more affordable homes has pushed the rate of house price inflation up in suburban villages',
the estate agent says.
House prices in outer prime London climbed 9% during 2014, compared to a 4.3% annual increase in prime
Peter Rollings, CEO of Marsh & Parsons, said: The prestigious prime property bastions of Kensington, Chelsea
and Holland Park will always command worldwide appeal from buyers however everyday demand for more
affordable homes has catapulted Balham and other Outer Prime corners of the capital onto the map. Londoners
are increasingly willing to compromise on a central location in return for more living space and manageable price
tags, and as a result the price growth seen in green village suburbs has overtaken the Goliaths of London
property this year.