30 Apr

London continues to enjoy house price surge

London continues to enjoy house price surge

Owners of London homes have seen a daily increase of around £200 in the value of their home so far this years, according to new figures.

The Evening Standard reports analysis of Land Registry data shows the average daily increase in the value of a home in the capital was £197 - equal to £71,905 a year and nearly double the average salary in London.

Areas in East London and outer suburbs have reported the strongest rise in value are buyers seek to get more for their money in this once undesirable areas - therefore, pushing up prices because of the demand.

The biggest rise in value were seen in Lewisham, where prices increased by £385 a day, equal to over £140,000 a year. Other growth areas included Hackney and Barking & Dagenham.

Graham Stubbs from agents Chestertons said: "Since before Christmas we have had would-be purchasers practically queueing round the block, and it’s been a real mix of first-time buyers, second-steppers, buy-to-let investors and people looking for a London pad as a second home or work-day pied-à-terre."

Sir Steve Bullock, London Councils’ executive member for housing, speaking to the Evening Standard, warned that property costs increasing significantly more than salaries could prove to be a substantial problem for those living in the capital.ADNFCR-1222-ID-801817875-ADNFCR

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