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Contrary to recent reports that the market may be indicating signs of stagnation new research from the estate agent, Haart, suggests that with an annual rise of more than 26% and month-on-month growth of just above 4%, the average London property price is at £501,056.
UK new buyer registrations have also increased and are up nearly 11% annually. This contrasts to the supply of property which has dropped 1.7%.
Indeed, this means that London homeowners have earned an average £100,000 in equity over the last 12 months with London property prices breaking new records and over 30% above their 2007 peak.
These prices are a reflection of supply issues which are particularly grave over London. This is impacting income multiples which are failing to keep pace with asset growth. Although this indicates a strong recovery it needs to be remembered that London’s resurgent market is a fragile one which needs to be monitored.
The Council of Mortgage Lenders have measured gross mortgage lending to be £16.6 billion in April. These figures are promising as these figures are 8% higher than March and 36% higher than April in 2013. It is the highest total for April since 2008.