Yesterday's Land Registry figures put London "on a completely different level" as house prices soar and more buyers pay over the asking price, estate agents say.
London house prices grew 9.3% in the past 12 months to hit an average £393,462, more than twice the rate of the neighbouring South East at 4.4%.
Current rapid growth looks set to continue, said Peter Rollings, chief executive at estate agency Marsh & Parsons. “This morning’s figures add another splash of colour to the increasingly bright picture of the UK housing market recovery.
"The dramatic increase in the number of completed house sales supports the positive mood, thanks to low interest rates, Help to Buy and signs of a sustained economic recovery.
“Almost all UK regions are showing price increases, but growth in London is operating at a completely different level. An imbalance of supply and demand means property is changing hands in record time and for close to and sometimes above the asking price."
While interest rates remain low, prime London property will continue to be seen as an attractive investment opportunity and competition for properties will remain high, Rollings said. "The enduring appeal of a prime London home for both UK and overseas buyers is evident in the figures. We currently have 18 buyers registering for each available property, and there is no sign of this slowing down.”
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