Will flats to rent in London benefit from house price rises?
More people may look for flats to rent in London as it has been revealed that homes in the capital are getting more expensive.
The Land Registry's House Price Index, which has information dating back to 1995, showed property in the city last month cost as much as it did three years ago, before the worst of the recession hit.
An average house in London was £338,027, which is around twice as high as in the rest of England and Wales.
All ten regions in the country have seen rises in value over the last year, but the capital has seen an increase of over 12 per cent, a huge rise compared with the north-east, where the rise has been less than one per cent.
Kensington and Chelsea is the priciest place to live, with the average property over £875,000, but Camden and the City of Westminster are not far behind and have prices of over £500,000 each.
These details are not made artificially high due to an influx of summer buyers, as the Land Registry removes seasonal variation from its database.
Posted by Martyn Glynn
Published 28th July, 2010
© 2010 Estates IT Limited
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The rise in London house prices may lead to more people wanting to rent flats in the city.