London house prices up 1.6pc
first-time buyers looking for a new home in London may be deterred by new figures showing an increase in property prices in London.
Data from the Land Registry for March revealed a 1.6 per cent rise in the cost of buying a house, which goes against the grain of a Nationwide decrease of 0.6 per cent.
In Greater London, the average price of a property stands at £334,409, comfortably above the national figure of £164,288.
Furthermore, the annual increase in house valuations in the capital is 13 per cent, having been under £300,000 at the same stage last year.
This follows figures last month from the National Housing Federation, which revealed many potential buyers expected to wait between five to ten years before being able to afford a home.
News of an above average increase in house prices in the capital may encourage more people to consider looking for property to rent in the London borough of Kingston-upon-Thames, or elsewhere in the city.
By Ben Carter
Published 4th May, 2010
© 2010 Estates IT Limited
London Rental Property News By London Borough / Category
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More people may be encouraged to look for property to rent in the London borough of Kingston-upon-Thames, or elsewhere in the capital, after house price data from the Land Registry showed an increase for those looking to buy in the city.