The average price of a home in London has topped half a million pounds for the first time in history, according to a recent Guardian report.
The average property price in the capital now stands at £514,000 – almost double the national average, which stands at £272,000. The news is likely to be music to the ears of property owners and investors in London, but not so much first time buyers and those looking to move into the area for work and family commitments.
Although the average price has now topped £500,000, it’s not the most remarkable statistic from the report – which shows that the price of London properties is soaring by almost 20% each year. This contrasts sharply with property prices across the UK as a whole, where the increase in prices from last year was just shy of 12%. It demonstrates that the London property market is moving at a much faster pace – leaving the rest of the UK to play catch up.
The surge in London property prices is good news for some, but many leading analysts are questioning whether it’s likely to have long-term implications for the country’s financial stability. The surge in prices cooled off towards the later summer months when compared with price increases from 2013. There’s speculation over whether or not the price of property can continue to rise unabated – or whether or not the London property bubble is close to bursting. One thing remains for sure, moving to London and buying property in and around the London area will continue to be in high demand as London remains a truly global city, appealing to those Moving from all corners of the world.