Land Registry: Property prices rise in London
New figures suggest that living in property to rent in Fulham, flats to rent in Hammersmith or homes elsewhere in the UK may be a more affordable option for many young professionals, as opposed to buying.
According to the Land Registry, all regions in England and Wales saw house prices rise in July, with the average London home inflating in value by 1.6 per cent month-on-month.
The cost of property in Wales increased more than homes in any other area, the data indicated.
Although a month behind Nationwide Building Society's house price index, similar trends have emerged in both reports.
Nationwide said this week that the average home in the UK grew in value by 1.6 per cent between July and August.
Various studies have shown that bricks and mortar prices are down year-on-year, while those looking to move into property in the private rented sector have seen that rents have dropped as well.
Written by Charles Mackay
Published 28th August, 2009
© 2009 Estates IT Limited
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