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London house prices up 1% in May |
| Thursday, 8th June 2006 |
The average London house price is now over a quarter of million pounds. |
Having risen for the eighth consecutive month, according to the haart housing index.
The estate agency said the property market remains buoyant, with the average house price in London increasing by 1% in May to £250,137, up from £247,730 in April.
The index shows that house prices have increased by 10% since this time last year from £226.144. Properties in North East London saw the highest increase in value at 4.5%.
Demand for London properties was high throughout May but the increasingly high prices caused potential buyers to remain price sensitive. However, haart expects that prices will level out in the second half of the year.
Paul Smith, chief executive of haart estate agents said: âDespite the average prices exceeding a quarter of a million pounds this month, the level of first-time buyers remains at 27% of the market share.â
Haart said the number of buy-to-let investors is at 12 % of the market share, indicating a renewed confidence in the housing market.
There were marked variations in property prices across the different areas of the capital, with the North East and the East seeing the greatest increases in value at 4.5% and 2.1% respectively. These areas have benefited from regeneration and improvement driven by the 2012 Olympics as well as record high salaries in the City square mile. The West and the South West still have the highest average prices of £280,380 and £273,362, although they have seen the lowest percentage increases in May.
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