London house prices: average home sale worth £30,000 more in September than when first lockdown lifted

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The property mini-boom pulled prices in London up to an all-time high of just under £500,000 in September, official figures show today.

The average cost of a home in the capital rose at an annual rate of 4.1 per cent in the month to stand at an all-time high of £496,486, according to the Land Registry.The monthly rise was 0.8 per cent.

Prices are now more than £30,000 higher than when the market reopened after the first lockdown ended in May.

The biggest jumps were in Hackney, where prices were up 9.1 per cent, followed by Islington (8.5 per cent), Ealing (7.2 per cent) and Waltham Forest (6.9 per cent).

Guy Gittins, managing director at London based agents Chestertons’ said “Chestertons’ enquiries in September were 39 per cent higher than in September last year.

“The experience of lockdown has made many people realise that their current homes are not ideal in terms of both indoor and outdoor space in the event of a further full-scale lockdown. Some households are also taking the opportunity to move away from central London to more suburban areas in London and beyond.

“Chestertons has seen increased demand for family homes in south-west London locations like Barnes, Putney and Kew. The attraction of up to a £15,000 saving on stamp duty is also motivating buyers to act in time to complete before the end of March when the stamp duty holiday is due to end.”

Jonathan Hopper, chief executive of buying agents Garrington Property Finders, said:“Of all the unexpected consequences of Britain’s Covid crisis, the house price boom is perhaps the most surprising.

“The Land Registry’s data confirms that the surge in prices is real and sustained. In the 12 months to the end of September, prices rose nearly four times faster than they did in the year leading up to the UK’s Covid outbreak.

“And the annual pace of price growth is now an incredible eight times faster than it was during the depths of the first national lockdown.

“Not even during the frothiest days of the pre-Financial Crisis boom did price growth jump so far, so quickly.”


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