Home Prices In London Surpass Record Set Two Years AgoPosted: October 19, 2009
The Guardian reports that “London house prices surge past 2007 record high“:
Property asking prices in London have broken through the record high set in November 2007 as the drought of homes for sale around the country continues to distort the market. New research out today shows that the average asking price in London jumped 6.5% to £461,157 in the four weeks to 10 October, sailing through the high of £412,731 set in November two years ago…The survey by the property website Rightmove also shows that asking prices in England and Wales are now higher than a year ago, after climbing 2.8% in the past month.
Prices have soared thanks to a lack of supply and rising demand, especially amongst high-end homes. The article also notes the proposed regulations to tighten lending standards could dampen demand in the near-future. Until then, it seems that property markets in the United Kingdom are heating up all over again.