London house prices: Property market losing momentum
London house price growth is continuing to fall below the national average, new data shows today.
House prices grew by 1.2 per cent nationally from September to October, according to figures released by estate agents Haart.
Meanwhile, prices only rose 0.3 per cent in the capital from September to October. The recent monthly trends are in stark contrast to the past 12 months, which saw London house prices soar 18 per cent while the national average increase was just 6.8 per cent.
Haart’s numbers also reveal a large disparity in house price growth between different regions of London.
North west London saw the steepest year-on-year climb at 31.1 per cent while prices in the south west of London dipped by 2.1 per cent over the same period.
High growth rates were also seen in north and est London with 29.1 and 19.4 per cent respectively. North and west London saw prices decline from September to October.
A west London postcode remains the most expensive in which to buy at £631,769. The north west is the cheapest area, with an average residential property price of £415,000.
And over the past 12 months, the number of transactions has fallen in every part of London.
Despite London prices recently slowing, Haart predicts it to over take the national average again in 2015. According to Haart’s figures, 10 buyers chase each new property instruction across the country and 17 in London.
“Although price growth is easing, it is merely a market correction with all signals pointing to price rises of up to five per cent across the UK next year,” said Paul Smith, chief executive at Haart.
“Savvy buyers and sellers would be wise to run with the window of opportunity that this creates now.”