housingData released today shows that the average price of a residential London property has broken through the £600,000 barrier for the first time.

Earlier in the year, London broke through the £500,000 milestone, and the demand for housing means prices have been pushed higher still.

Greater London property as a whole was up 16.2% year-on-year and 0.8% October to November as first-time buyers sought property further afield. The ripple effect’ has pushed prices up higher in the South East too.

With uncertainty about next year’s General Election looming, prices could be set to stabilise – at least at the luxury end of the market. There are also concerns about the proposed Mansion Tax, which we’ve already written about, although while supply is low and demand to live in London high, the long-term investment prospects for London property are strong.

City AM

Image credit:outreachr.com

About the author

Nicolas Holmes

Nick joined Robert Holmes to inject fresh ideas and help grow the New Homes department of Robert Holmes as well as helping to inject technology into the business and to grow its client base. Together with one of the Directors Nick is in charge of all Development opportunities that Robert Holmes deals with along with sales. Aged 40, he provides succession together with the two existing directors. Nick has always been focused on building client relationships and sales. He built up his own gallery in Chelsea, where he had a loyal following of customers and artists.

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