Peter Rollings commenting in response to today's Land Registry figures
Fri 26 Nov 2010
"Nationally, the ongoing obstacle of mortgage finance for first-time buyers is still suppressing the housing market and thereby house price growth. In London, the picture is rather different. Central Londons housing market operates almost independently from the rest of the country and the capitals housing market is still enjoying a gradual (and therefore healthy) improvement and house prices are still steadily increasing rising by 0.3% in October. The supply of housing has improved in the last six months, alleviating the shortages that characterised Londons market a year ago, and drove prices up rapidly. But demand has remained strong. In parts of prime central London, nearly three quarters of purchases are by cash-buyers and so far fewer homebuyers are hampered by the mortgage finance famine that is afflicting the rest of the country. High end purchases have played a pivotal role in bolstering the market in the Capital, and 39% more properties worth over 1m were sold in August compared to a year ago. With City bonus season on the horizon, and demand remaining robust both from UK and overseas buyers, we anticipate that selling prices (as opposed to merely asking prices) will remain strong and Londons market will continue to buck the national trend in the approach of Christmas."For further information please contact:
The Wriglesworth Consultancy Dan Pike / James Staunton 0207 427 1400
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