London property remains most expensive in the UK
New figures show that London property prices remain out of reach for many people wanting to step on to the property ladder.
According to the latest Land Registry data, house prices in England and Wales increased by 0.1 per cent in June - making the average house worth £153,046.
However, while prices fell in the East Midlands and the North East of England, London real estate increased by two per cent. Therefore, the average house price now stands at £301,859 - which could increase the appeal of property to rent in London.
Yet prices still remain lower than at the same period in June last year when London property was worth an average of 12.5 per cent more.
The Land Registry also confirmed the view that mortgage availability is having a continued impact on the market with an average of 31,000 transactions per month, compared to 60,000 a year earlier.
Meanwhile, Sainsbury's Finance reports that the combined value of the 588,515 houses and flats to rent in London total £142 billion.
Written by Martyn Glynn
Published 29th July, 2009
© 2009 Estates IT Limited
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