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World gone mad as average London property price tops £500,000

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World gone mad as average London property price tops £500,000

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Published by Max Salsbury for 24dash.com in Housing

London London

The average London property price has reached £501,056, up a terrifying 26.1% annually. In hard cash, that's an annual growth of £103,761.

Despite this, UK new buyer registrations increased 10.8% annually whereas supply of property dropped 1.7%. The UK first-time buyer registrations continue to climb, up 22.4% on last year.

In the UK as a whole, average property prices rose 9.4% annually to £199,679.

Paul Smith, CEO of independent estate agent haart, said: "London homeowners will be forgiven for being astonished that they have 'earned' an average £100,000 in equity over the last 12 months ... However with more properties being pushed into the £500,000 price range, more buyers will be bumped up into the 3% stamp duty tax band. The unfairness of this disproportionately south east focused tax must be addressed before the next election."

Smith also cautioned: "Bubble talk needs to be burst – while UK house prices are rising they have not recovered to their 2007 levels."

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