Reproduced with the kind permission of the Land Registry

Musings of the best Upmarket London Property Finders

The Land Registry  house price statistics for August reflect the rosier ambience those of us involved in the property market have been experiencing for a number of months now.  Most significantly, the number of house sales at the top end, particularly those over £2 million are up year on year at 54 a month in London.  House prices in Westminster, which includes Mayfair, Marylebone, Bayswater and parts of Notting Hill are now down just 3.4% versus last year and we would expect them to end the year close to prices achieved in May 2008, when house prices in Westminster were at their peak.  The average home in Westminster is now worth £574,714 compared to £622,950 in May 2008.

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Tags: Latest London House Price Data, London House Prices, london house prices rise, London property, London Property Finder, London property finders, London property prices, London Property Prices Stable

Musings of a London Property Finder

Following other house price indices, the Land Registry house price index published today, showed that London house prices have risen for the first time in a year.  Many will be hoping this marks the bottom of the market, however we think the main inference for London is that the downward slide in house prices is slowing. 

At this time in the year and from our own experience of the market we would conclude that the market will continue to suffer slightly this year but at a much slower rate than last year.  With six boroughs showing positive house price movement in March, some areas are likely to see a steadying in prices, with little fluctuation for the rest of the year.

House prices in London have actually risen overall, but areas showing increases now, such as the borough of Camden, which includes Hampstead and Bloomsbury, tend to have seen large average price falls recently, giving a slight net price decrease.  Prices in the borough of Camden dropped 4.3% in February but rose 2.1% in March. 

There seems to be some levelling out but each micro-area is experiencing the market differently.  For example prime areas such as parts of Westminster and Kensington and Chelsea were cushioned to the effects of the market for much longer last year than other London boroughs but both have been much more prone to house price deflation over the last 6-9 months. 

In our capacity as Property Finders, we have noticed that whereas all but the most desperate vendors were being very bullish last summer, motivated vendors are now pricing competitively in most areas of prime Central London.

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Tags: Camden house prices, Kensington and Chelsea house prices, London House Prices, london house prices rise, London property finders

Musings of a London Proerty Search Agent

House prices in the South East have been particularly flaky in recent months but April statistics released on Friday from the Land Registry brought good news on the face of it, showing house prices up 0.5% month on month. Average house prices in the South East are up 4.1% since April 2007.

UK property anoraks will be aware that South East prices have oscillated in recent months as can be seen below:

2007 August + 0.78%

September + 0.26%

October + 0.58%

November + 0.32%

December - 0.31%

2008

January + 1.00%

February - 0.28%

March - 1.41%

April + 0.47%

As you can see from the figures above, the drops are far from the 10-20% slide reported in much of the press. In fact since prices started to stall, the net decrease is 0.45% which amounts to a drop of £1,031.80p off the average house price in the South East, which we think most sellers could live with. Perhaps the most important statistic is the fact that according to the Land Registry, since the credit crunch started in August 2007, average house prices in the South East have risen 1.45%. Now isn’t that good news? 

Buyers are down 50% in many areas, but while most people expect a bargain these days, sometimes buyers will still pay more than they need to for the home they fall in love with.  If you don’t want to be one of those buyers - call us London Property Search Agent on 020 7923 7564 or look at our website by clicking the links above or here:

www.manseandgarret.com

http://www1.landregistry.gov.uk/houseprices/

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Tags: House Prices, London house price crash, London House Prices, london house prices rise, London property prices, London Property Search Agent, property prices, South East House Prices, south east house prices rise, south east property prices