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.
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Source Guild of Property Professionals | https://www.guildproperty.co.uk/news/post-regional-property-market-update-spring-2021-london-1614095970