Housing prices across the UK continue to show gains, with London topping the list. According to a research report just reported in financial website This is Money (www.thisismoney.co.uk), prices in London are up over 15% for the past year. Prices in the South-West have risen over 10%, while the South-East lags behind but still show significant gains at 8.6% rise in prices for the year.
Average prices in London now top £350,000, says research firm Acadametrics. With prices so high, and continuing to rise, many people are quitting the capital and looking for bargains in the countryside. This is helping to fuel the gains in the South-West, as prices are averaging below the £250,000 threshold for the 3% stamp duty.
The average prices in the South-West are currently at £233,550, while the South-East has an average home price of £260,000. Another area where there are still bargains within a reasonable distance of London is East Anglia, where prices have just topped £200,000 on average. Good properties can still be had in cities such as Peterborough. Overall, prices rose 8.4% in East Anglia during the past year.
In other parts of UK, the North West had annual growth of 7.4%, Yorkshire and Humber 6.2%, Wales 6%, East Midlands 5.6%, the North 4.3% and the West Midlands came in at 4.2%.
While London had the strongest gains, the market is quite diverse with some areas up over 20%, such as Kensington, Chelsea and Islington. Other areas, including Newham, Croydon and Harrow were only up about 8%. Troy Martin of Acadametrics noted that this shows there are still possibilities in London: “This is a situation in which frustrated would-be buyers, prepared to move out of London, might well find that they can meet at least some of their aspirations in another borough, without leaving the capital altogether.”
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