London house prices have risen at nearly twice the pace of the national average in the last ten years
Property prices in Greater London escalated by 82% between 2009 and 2019, according to research house Acadata. That's nearly twice the average house price inflation rate across UK regions (42.6%).
The average UK house price increased by 2.9% over the year to May 2020, up from 2.7% in April, according to the latest official UK HPI update.
Property prices in UK cities have risen by an average of 2.9% in the last year, reports Zoopla; the number of London postcodes recording price falls has dropped from 82% last year to 23% in October.
"The latest RICS survey provides firm evidence of a strong uplift in activity in the housing market which should help support the wider economy gain traction over the coming months," says RICS' Chief Economist …
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Significant sale 'demonstrates that despite ongoing economic uncertainty London remains top of the list for the world’s global buyers,' says Knight Frank.
Savills expects average rents to increase by another 6% next year, before the pace of growth eases as tenants are stretched to the limit.
Property consultancy has seen fee income rise but profits fall.
Bank of England data tell of another increase in mortgage approvals, prompting Savills to suggest 'some confidence is beginning to return' to the property market.
Tom Davies is leaving the Foxtons-owned mortgage firm to join LRG; he will be replaced by Richard Merrett.
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