The average house in the capital now costs £492,000, compared to £262,000 in the rest of the UK, according to the Office for National Statistics (ONS).

This means that house prices in London boomed to a record annual rate of 20.1 percent in May, with overall growth in the UK climbing to 10.5 percent, official data showed.

The increase in house prices is the strongest since May 2010; but for London it’s the steepest since records began in 2002. This comes despite stricter credit rules under the Mortgage Market Review (MMR) that asks lenders to make sure borrowers can afford their loans if rates increase.

Interest rates are also expected to rise within the next few months – they’ve been at an all-time low of 0.5 percent for over five years.

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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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