Although there is some evidence that transaction numbers are slowing in London, prices continue to rise strongly with the exception of prime London.Nick Barnes, Head of Research
Average house price growth in London accelerated slightly from 18.4% in September to 18.6% in October. 19 out of 33 boroughs are experiencing annual price growth in excess of 20% with Lambeth (+27.9%), Southwark (+27.8%) and Waltham Forest (+27.2%) leading the pack.
Latest Land Registry data reveal that average annual sold prices in England & Wales accelerated to 7.7% in October compared to 7.2% in September. The average national house price now stands at £177,377 compared with a peak of £181,269 in November 2007.
At regional level, the South East (+11.4%) and East (+11.0%) remain the strongest regional performers on an annual measure. Only three regions (excluding London) report average prices above the national average, namely East, South East and South West.
NB comment: Although there is some evidence that transaction numbers are slowing in London, prices continue to rise strongly. The combination of owner occupiers and investors – enhanced by foreign buyers – continues to drive values in the wider market, although the prime sector has slowed considerably.