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The average price of property in London is £383,930

By: Carla B  Published Date: 26 Jul 2013 17:12
house price index

The June data from the Land Registry House Price Index shows a monthly price change of 0.6 per cent across England and Wales. Annual growth stands at 0.8 per cent which brings the average house price in England and Wales to £162,621.

Although prices have increased the number of property transactions has fallen over the last year. From January to April 2012 there was an average of 48,299 sales per month while in the same months a year later the figure was 47,308.

June data for London shows that the average price of property in the capital is £383,930. It also shows a monthly increase of 3.1 per cent and an annual change of 6.9 per cent. London saw the greatest rise in both monthly and annual prices whilst the North East saw the greatest monthly and annual price fall.

Tim Gray, Sales Negotiator at Paramount, explains that prices have increased in the last year. ‘Prices have increased by 1-1.5 per cent over the last month and are 10-12.5 per cent higher than in June 2012. With mortgage availability improving we have seen an increase in viewings, particularly on Saturdays, by 50%.’

In London Brent experienced the highest monthly price increase, with a movement of 2.6 per cent. Wandsworth saw the highest annual price rise whilst Newham saw the greatest annual price fall.

In numbers:

  • 37: over the past 37 months transaction volumes have been relatively consistent.
  • 47,308: between January 2013 and April 2013 sales volumes averaged 47,308 transactions per month. This is a decrease from the same period a year earlier, when sales volumes averaged 48,299 per month.
  • £1 million: the number of properties sold in London for over £1 million in April 2013 increased by 50 per cent to 490 from 327 in April 2012.

London Property Sales News: Property Market Surveys
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