The London property market has had a turbulent few years, but recent figures showed improvements had started to occur, as the capital experienced the highest annual house price growth in the UK.
According to the latest UK House Price Index from the Office for National Statistics (ONS), property values in the city rose by 2.3 per cent from February 2019 to February 2020. This is significantly more than the national average, which was 1.1 per cent over the 12-month period.
“This was due to a decrease in average house price between January 2019 and February 2019,” the report stated, revealing that after a dip in prices last year, things had started to pick up for the London market.
The average price for a home in London stood at £476,972 in February this year, having risen by 0.2 per cent from the month before.
On a national scale, house values dropped by 0.6 per cent between January and February this year, which is a greater decline than during the same period in 2019.
This comes after Halifax’s House Price Index revealed an average increase of three per cent in the year leading to March 2020.
Managing director of the bank Russell Galley stated this is down “confidence rising as political and economic uncertainty ease”. This is in light of the Conservative win at December’s general election, which resulted in Brexit going ahead the following month.
Due to “sustained level of buyer and seller activity”, Halifax revealed values had remained broadly the same between February and March.
For more information on the current housing market, get in touch with Hackney estate agents today.