The average price for a property in London was £516,285 in October 2021, according to the latest index by the HM Land Registry and Office for National Statistics (ONS). This is an increase of £9,429 (1.9%) from the September average of £506,856. As a whole, property prices in the capital increased by 6.2% on average in the year to October 2021, ending the year very positively.
The capital’s property market was impacted by a lack of foreign buyers and the race for space. However, it’s now re-emerging as one of the strongest property markets in the country. House prices in London started to bounce back in the autumn just as they slowed down in much of the rest of the nation following the end of the stamp duty holiday.
London is continuing to build momentum as we head into the new year, experiencing some of the strongest monthly growth towards the back end of this year. This has been driven by increased interest from foreign purchasers at the top end of the market, as well as a combination of people looking to relocate back into the capital, and a fight for space.
With the growing demand for London properties, the capital looks set to enjoy a sustained level of house price growth throughout the remainder of the year and well into 2022.
If you would like to have a chat about the London Real Estate Market, please click on the ‘book now’ link below, and I look forward to talking to you all very soon!
Chris Hynes Calendly - Book Now
Wealthi UK - https://www.wealthi.com.au/uk