London house prices dwarf UK
January 5, 2007 by admin
Filed under News, News-Mortgages
People looking to get a mortgage for a home in London may be put off by recent figures regarding house prices.
Those living in the capital saw the cost of a home rise by an incredible 11.3 per cent in one year.
The data, gathered by Nationwide, looked at house prices in the last quarter of 2006 and found that London is speeding ahead of the rest of the UK.
A typical house in London is likely to set a buyer back £269,327, making it over £97,000 more expensive than the country’s average.
“The price of houses in London continues to dwarf those in other parts of the country,” said Fionnuala Earley, Nationwide’s group economist.
“The typical house in London costs £269,327 – more than one-and-a-half-times higher than the average price in the UK of £172,065.
“House prices also increased by more per day in the capital during 2006. A typical house in Greater London increased by more than £75 per day, compared with the UK average of £40 per day,” she added.
Ms Earley went on to say that a number of factors have contributed to the sky-high price of property in London.
Among them is a large imbalance between supply and demand for housing, while improved transport infrastructure and other developments in preparation for the Olympic Games in 2012 have also contributed.
