26 Feb

Report highlights London/UK differences

Report highlights London/UK differences

A new report has highlighted the strong differences between property in London and the rest of the UK.

According to estate agency Strutt & Parker, almost 44 per cent of London property buyers in 2013 were from overseas, while just five per cent of investors in real estate across the rest of the UK are foreign.

This difference is reflected in the value of house prices, with the capital city market being driven by overseas money.

Land Registry data shows that the average house price in England and Wales has risen by one per cent in 2013, compared to an increase of 6.7 per cent in the Greater London area.

However, Strutt & Parker's nationwide outlook for 2014 remains strong for the whole of the country as the economic recovery continues.

Stephanie McMahon, the firm's head of research, explained: "We expect house prices to grow by seven per cent across the UK in 2014 and six per cent in prime central London."

Meanwhile, the British Bankers' Association has revealed that mortgage approvals for new properties in the UK are now at their highest since September 2007.ADNFCR-1222-ID-801697841-ADNFCR

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