UK-wide property price growth also continues its upward trajectory, increasing 9% annually, and demand remains high. Twelve buyers chase each new property for sale across the UK, and twenty-two buyers per sale in London.
The commutable Home Counties are benefiting from those buyers now moving away from London in search of affordability.
Paul Smith, CEO of haart, comments:
“While property prices in London are back to January 2014 levels, this window of affordability will be short-lived as a severe stock shortage spreads pre-election. While December’s Stamp Duty reform has further stoked demand, this has not yet translated into sellers. This means the London market is in stalemate, with plenty of people wanting to buy but a dearth of suitable stock and this will only send prices upward again.
“Homeowners selling in London now and moving further out to cheaper areas will cash in as UK property prices as a whole remain on an upward trajectory – up 9% annually. Borrowers have never had it so good as highly competitive mortgages are in abundance with lenders falling over themselves to gain market share. However, pre-election jitters appear to be spooking the market in spite of the party manifestos containing nothing as yet that will impact housing dramatically.”
