London house prices now seeing growth after rocky start
After recording some of the biggest monthly falls in prices since the financial crisis, the LSL/Acadata House Price Index is showing prices in London are now up 3.7% in the year to July.
Areas such as Redbridge (up 6.5%), Lambeth (up 5.7%) Merton (up 10.1%) are seeing large strong growth, as well as one of the most expensive boroughs, Kensington and Chelsea, seeing increases of 7.5% over the year.
Many areas are still seeing a drop with prices falling in 21 out of 33 boroughs in the country’s capital.
Outside of London, the top regions for growth remained unchanged in July, with the West Midlands (up 2.9%) annually, East Midlands (up 2.7%) and North East (up 2.6%). Growth rates in the first two slowed, while they remained unchanged in the North East, but all three continued to report increases above inflation.
House price growth in the UK is currently slow and steady, remaining at 1.8% for a third consecutive month, a positive for any potential buyers out there.
Oliver Blake, Managing Director of Your Move estate agents said:
“The slower market should help ease the affordability challenge faced by many buyers. Even in London, where an average increase was recorded over the month, homes in most boroughs are significantly cheaper in real terms than they were this time last year.”
If you are looking at buying, selling, letting or renting a property in London, find a branch in the London region.