London House Prices Have Significantly Increased, Survey Shows

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2nd July 2014 15:24 - Housing

House prices in London have taken a considerable hike – rising over 30% in the last four years alone, according to recent research findings.

The survey, which was conducted by Gocompare.com, discovered that average house prices in the capital have increased by 31.5% (£103,233) between May 2010 (£331,711) and April 2014 (£435,034).

London isn’t the only region to see significant price increases, but it is disproportionately higher than the rest – the South East (7.83%), South West (1.91%), East Midlands (2.26%) and West Midlands (1.24%).

Wales has witnessed house price reductions over the last four years, dropping an average of £217.38 between May 2010 (£139,466) and April 2014 (£139,684).

The North East (-8.09%), North West (-5.27%) and Yorkshire and Humber (-3.33%) have also seen a reduction in house prices over the same four-year period.

Collectively, excluding London, the average UK house price rose £217.38 (0.16%) between 2010 (£139,466) and 2014 (£139,684).

Matt Sanders, mortgage spokesperson at Gocompare.com, commented: “It’s no secret that London is a particularly expensive place to live, however the difference between house price rises in the capital when compared with the rest of England and Wales really does lend weight to the phrase ‘London prices.’

“These figures will do little to comfort Londoners looking to get on the property ladder. However, those in other areas of the country should be reassured that despite talk of rising house prices across the UK, outside of the capital, there hasn’t been a big change in the affordability of property. And even with the recent tightening of mortgage lending rules, with low interest rates and competitive mortgage deals available it’s still very much a buyer’s market.”

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