London Property Market Update Spring 2021

Published: 03/03/2021

At 9.7%, average annual price growth in London exceeds the UK average. Growth is currently stronger than at any point since July 2016 and considerably higher than the 1.2% fall recorded this time a year ago. Although Rightmovereport average asking prices fell by 2.7% month on month across the region in January, properties are selling more quickly than a year ago.

Annual price growth has strengthened across the UK in recent months

Most active housing markets across Greater London

At £513,997 the average price of a property in London has breached half a million and activity across the market is robust. On average just 2.8% of private properties sell each year, with turnover in five areas 3.5% or more. Over 17,000 new homes were registered for sale during 2020, and nationally registrations have been on an upward trend since September.

First-time buyers were particularly affected by the closed housing market and the stricter mortgage lending that followed. However, buyer numbers have recovered steadily, with transactions just 2% lower year on year during the final six months of 2020 (UK Finance). The number of High Loan-to-Value (LTV) mortgage products has also increased, Moneyfacts reporting there were 169 products available at 90% LTV in January, over double the number available back in July. Lending rates remain low, the average mortgage rate the lowest in history.

Call Willmotts for property advice or information with property Sales,  Rentals, Lettings, Management, and Investment or call 020 8222 9958

Visit Our Hammersmith Estate Agents Page Here

#willmotts #propertyexperts #estateagents #charteredsurveyors #willmotts1856 #guildproperty #tenants #landlords #lettings #landlordadvice #hammersmith #propertymarket #proudguildmember #StampDutyHoliday #StampDuty #houseprices

Source Guild of Property Professionals |