Data 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.