Monthly rents in the 12 months to q1 2014 averaged £1,633 in Inner London and £1,245 in Outer London.Valuation Office
|Source||Price (£)||12 month change||3 month change||Monthly change||Date as at||Definition|
|Land Registry||£172,035||6.70%||1.20%||0.40%||May-14||England & Wales: sold price|
|Hometrack||n/a||6.00%||n/a||0.30%||Jun-14||England & Wales: survey of achievable sale price|
|Rightmove||£270,159||6.50%||2.90%||-0.80%||Jul-14||England & Wales: asking price|
|Home.co.uk||£264,800||9.60%||3.80%||1.00%||Jun-14||England & Wales: asking price|
|LSL Acadametrics||£268,637||9.60%||2.10%||0.70%||Jun-14||England & Wales: based on Land Registry data|
|ONS||£262,000||10.50%||3.60%||0.80%||May-14||UK: price at mortgage completion|
|Nationwide||£188,903||11.80%||4.80%||1.00%||Jun-14||UK: price at mortgage approval|
|Halifax||£183,462||8.80%||3.10%||-0.60%||Jun-14||UK: price at mortgage approval|
• Annual house price inflation in London continued to accelerate in May to reach a staggering 18.5%. The average house price is now £439,719, 4.4 times that of the North East and nearly twice that of the South East. However, since 1995 there have been 18 months (excluding May 2014) where annual growth has equalled or exceeded this figure - yet the only time growth turned negative during this period was in August 2005 and most of 2008 and 2009.
• 26 out of London’s 33 boroughs are now seeing double digit price growth (compared to just five in May 2013). Whereas the top three in terms of price growth last year were largely prime locations, this year the top three are Waltham Forest (26.3%), Lambeth (25.2%) and Southwark (23.1%).
• However, the latest RICS survey indicates that prices were more likely to fall than rise over the next three months as buyers were making fewer enquiries about homes in London, in what respondents described as an “increased air of caution”. This suggests that a drop in buyers will result in a drop in prices, however unless there are significant numbers of forced sellers I am not sure that this is necessarily the case.
• According to Land Registry data, house sales in London in Q1 this year were 26.2% higher than in the corresponding quarter of 2013. Of these, only 7% was sold for more than £1 million and just less than 2% was over £2 million.
• Despite the fact that many parts of London currently have the appearance of a building site, our capital is apparently the greenest major city in Europe and the third greenest in the world. Green space covers almost 40% of its surface area, including eight Royal Parks totalling almost 20 square km.
• The Mayor of London has published new detailed planning guidance to cope with an expected population of 10 million by 2030 and to ensure that future developments enhance the character of the city.
• According to a Nationwide study, for first-time buyers in London who want to get on the property ladder on their own, the cost of a home is now nine times their salary. This is the highest ever salary-to-value ratio seen in the UK for this category of potential home owner. By comparison, the standard home bought by a first-time buyer across the UK is worth 4.9 times their salary.
• Essential Living has bought a former Elizabeth Arden perfume factory in Acton with a view to building London’s largest bespoke private-rented sector (PRS) scheme. The 2.8-acre site is currently home to two multi-let office buildings comprising around 75,000 sq ft of floor space and Essential plans to invest around £160m and build 400-500 rented homes. Completion of the first homes is expected in 2018.
• Latest available statistics from the ONS reveal that London experienced a net loss of 55,000 people in the year ending in June 2013. Nonetheless, the Mayor’s office is projecting that London’s population will rise to 10 million by 2030 – a rise of 22.4% compared to the 2011 Census figure of 8.17 million.
• Analysis of Ofgem data from CEBR shows that average broadband speed varies considerably across London. At borough level, Kingston achieves the fastest average speed of 25 Mbit/s per second while in the City the corresponding figure is just 12 Mbit/s per second.
• Homelet reports that average rents in London were 9.4% higher in May 2014 when compared to the same month last year. Average rental values for new tenancies in London (£1,348 pcm) were £116 more expensive per month when compared to average rental values in May 2013 (£1,232 pcm).
• According to the Valuation Office, monthly rents in the 12 months to q1 2014 averaged £1,633 in Inner London and £1,245 in Outer London. The most expensive borough was Kensington and Chelsea where rents averaged £2,767 pcm while the cheapest was Barking and Dagenham with an average rent of £864 pcm.