London house prices figures increase
first-time buyers may be interested to know about new figures showing that the average price of a home in London has increased by more than £20,000 in the past year.
Data from Rightmove's House Price Index shows that the cost of purchasing a home has risen by 5.7 per cent between May 2009 and May 2010.
As a result, the average price in London is now £420,203 as opposed to £397,646 12 months previously.
Incidentally, prices have dropped slightly in the past month by around £1,600 or 0.4 per cent.
However, the figure is still above the UK average price by more than £180,000 and a number of London boroughs are above this value.
For example, a pad in Islington will now set buyers back £600,528, a 3.3 per cent increase since last month.
This follows calls from Pricedout.org.uk for the government to tackle the "misery of millions" of the population who cannot afford a home.
News of an increase in average house prices in the capital may discourage potential buyers from entering the market and mean that more people consider looking for property to rent in the London borough of Bromley or elsewhere in the city.
By Martyn Glynn
Published 19th May, 2010
© 2010 Estates IT Limited
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People who were previously looking to buy a home might look for property to rent in the London borough of Bromley or elsewhere in the city after new figures revealed the average house price in the capital has risen by more than £10,000.