London’s Property Rates Continue to Grow More, Land Registry Unveils
London’s giant property price is the talk of the town these days, with every survey agency and property gurus claiming it to be the worst phase for potential local London home buyers. As buying property in London for Londoners themselves have turned out to be the cumbersome task, the land registry itself has added one more layer of apprehension for the buyers. And from many aspects, this leads to the lot of complications for the avid potential home buyers in London.
Yes, you heard it right; you now have one more reason to take stress. The land registry of London has said that the property prices in London are extremely high. House prices have increased by 3.2% in the year to the end of the November across England and Wales, but where 10.6% up in London, says the land registry which is indeed a matter of concern for Londoners who are planning to buy their own home in London.
There was a broad range of annual price amendments across the various regions in London, with the north east of England is noticing a drop down by 1.6%, as shown by the figures. As compared with the October, the average home rose up in value by 0.1% in November, claims the Land registry. It means that the average home was valued at £165,411.
It is said to be the massive increase in the annual value after London was in the south east of England, where the prices increased by whopping 3.5%. On the other hand, the terraced homes confirmed the highly prevalent annual increase in property rates by 3.9% on average with partially disconnected properties showing the dawdling.
Terraced homes showed the biggest annual increase in prices, by 3.9% on average, with semi-detached properties showing the slowest increase, up 2.5%.
Over the last year, the activity in the UK housing market has picked up the immense pace with prices and sales on the increase. However, as compared to the housing boom of the last two decades, many measures believe it to be still sound. It shows on the ray of hope for, want to be home buyers.
According to the latest figures produced by the ONS (office for National Statistics), the prices in London were increasing more quickly, as compared to the national average in the year to the end of October.
The chief Execute of Estate Agent parsons and Marsh says, “Overall, it is the London property market which is really blazing the trail”.
In the exclusive prime London postcodes, the permutation of low supply and high demand is distorting the prices even further and this will be continued till the demand and supply don’t get the parallel sufficiency.
The exclusive data from Land registry also include the houses bought for cash as well as those which got purchased with the mortgages. This report is prepared on the basis of actual sale price, whereas the figures stated from the ONS are based on the mortgage completions.
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Source: Rentals London