Official figures reveal property values in London rose 12.4% in 2015 to take the average price of home in the capital to £514,097.

Homes sales slow down but London prices jump 12.4%The Land Registry’s House Price Index in December also shows values in London jumped 2.1% month-on-month.

The shortage of homes on the market is seen as a significant factor behind the jump in values.

Between July and October last year, there was an average of 80,691 sales per month in the whole of England and Wales. That figure was 84,517 between the same months in 2014.

And in London, just 166 homes valued over £2m were sold in October 2016 – down 21% from the year before, Land Registry data show.

Commentators are blaming the introduction of new stamp duty rates in December 2014, which increased the amount of tax purchasers of properties worth over £937,000 will pay.

The rise of property values in London was only eclipsed by Reading, where average prices jumped 17.1% in 2015.

In December last year, the average house price in England and Wales was £188,270 – a 1.2% month-on-month increase and a 6.4% rise year-on-year.

And private rents grew 2.5% in the year to December, with landlords in London increasing rents by 3.9%.

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The Telegraph

 

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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