Property sale prices continue to surge in London

Housing prices throughout London have risen yet again, making it harder for people - especially young professionals - to get a foot on the property ladder. Property prices in the capital have risen, on average, by 12 per cent when compared to last year, according to home.co.uk's Asking Price Index. This means that those wishing to live in the city might benefit from looking for rental properties.

England and Wales have experienced an increase in residential property prices over the last year, with the average price increasing by 5.5 per cent in 12 months. Even the last month has seen a rise of two per cent on the countries' housing prices, meaning that many people are unable to afford to buy a home. 

Not only is the average asking price of residential property reaching sky high levels, but the amount of available housing is falling dramatically, making it more difficult to find a suitable property. Across England Wales, housing availability is down by 18 per cent when compared to last year's figures. While this may seem bad, the state of affairs is much more dire in London, with available property to buy reduced by 31 per cent upon 2012's figures.

As demand increases and available properties become few and far between, homes in London are staying on the market for less and less time. Homes now spend around eight per cent less time on the market as buyers snatch them up as soon as possible. Competition for the perfect home is likely to be particularly strong in London as fewer properties meet with buyers' requirements.

To save the trouble of trying to buy a home and save up a deposit, those looking for residential properties in the capital might consider renting as an alternative. Rental properties will cost less for an individual and there is a high chance that more will be given for the money spent, in comparison to purchasing cheap properties in the city.

Published 18th October, 2013

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