A British website covering news in the property industry reports that the average price for a house in England actually increased at a bigger margin – 7.7 per cent – than the 7.5 per cent hike recorded for houses in London. Nevertheless, the mean price for a home in London, at 483,000 pounds, is twice as expensive than a home elsewhere in England. London remains unaffordable for many. The forecast is for housing prices to not rise as steadily. Two to six per cent is expected.
Key Takeaways:
- The home market in Europe is increasing for the first time since the recession.
- Eight parts of London have seen double digit growth in home prices.
- More people can not afford homes. This impacts sellers as there is less demand for homes.
“Despite slightly lower growth, the average cost of buying a home in London is still more than double the nationwide average, at £483,000.”