London house price boom loses steam as national prices pick up
London house prices are moving at a rate more in line the rest of the UK, new data shows, while homeowners borrow more in the run up to Christmas.The average UK price was up 7.8 per cent year-on-year in November compared to 7.9 per cent in London, according to figures released today from Haart estate agents.
It’s the first time in over a year in the survey that London house prices have not grown at double-digit rates.
The London market is coming down quickly with a 1.9 per cent price drop from October to November, Haart’s figures show.
Figures released today by property services firm LMS show homeowners remortgaged to borrow more in November. Equity withdrawal – the extra money borrowed against homes – climbed on the month, but dropped on the year.
“The average amount people have withdrawn from remortgaging has risen by 24 per cent as budgets are stretched ahead of Christmas and families require extra money to fund the cost associated with this,” said Andy Knee, chief executive of LMS.
“However, in a sign of economic improvement, this figure remains a fifth lower than in 2013 suggesting improved affordability since last year.”