Liquid error: wrong number of arguments (2 for 1) Halifax does not tell the London story | Marsh & Parsons Sales and Lettings Estate Agents London

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Halifax does not tell the London story

Thu 07 Oct 2010

Peter Rollings, managing director, Marsh & Parsons comments: "The Halifax claims that house prices have declined by 3.6% in September and are up by just 2.6% on an annual basis. This is not the story of London.

"At the start of the year I wrote an article predicting house prices in the capital would rise by 5-7% and I am glad to say that this is currently the case. Halifax is one lender and relies on a small and volatile sample of mortgage approvals and takes no account of cash buyers or other lenders in the market. A much better indication of how the market is performing is in the Land Registry figures which show the market having risen by 6.7% nationally and 11.4% in London in the last year.

"Large areas of London, particularly Kensington and Chelsea, Knightsbridge and Holland Park, attract many foreign buyers and UK residents in no need of a mortgage and whilst prices have undoubtedly reached a plateau they are not on a downward trajectory. "That said, I believe if the recovery continues as it is and if mortgage lending returns to some sort of normality (and that is not the madness of 2006/07) we will see house prices in London rising by around 5% in 2011 because income from property including capital appreciation is currently providing an excellent yield of around 9%. (gross)."

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The Wriglesworth Consultancy Neil Mackwood 079 0055 4702 / 0207 427 1434


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