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Completely London

London property market blog

London-wide

/ by Lee Watts

London house prices rise by 1.4% in just one month

Latest Land Registry figures reveal that the average price of a property in London now costs £375,795; an increase of 1.4% in just one month. The figures also reveal that prices in London have increased by 6.2% compared with the same time last year and some interesting boroughs have been star performers, registering rises of almost twice as much.

The borough of Camden saw the largest climb in prices which now sit as 11.8% more than they were in 2012, with the average property now costing £657,790. Other substantial increases included the boroughs of Merton, Hammersmith & Fulham and Wandsworth, which each increased by 11.4%, 11% and 10.8% respectively.

This certainly echoes what we have seen across our network of sales branches. The London marketplace during the first half of the year has seen extremely strong buyer demand with many securing the stock available at a fast pace, leading to higher values being achieved. Competition amongst motivated buyers is high and evident by the speed at which sales are being agreed.

Hot pockets of growth are being identified across all London boroughs, but as the figures identify, Camden, Merton Hammersmith & Fulham and Wandsworth have really outperformed the rest as many look towards these slightly outlying areas in the hope of getting more for their money.

Our selling methods have intensified to manage the levels of demand, and it has become increasingly common in London to receive multiple offers for our clients, in some cases eventually achieving significantly in excess of their asking prices. Open days for multiple viewings and sealed bid scenarios are fairly common across all of our branches as a high volume of buyers competes for a relatively small pool of properties.

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Lee Watts Expert
Lee Watts Managing Director at KFH
Lee is the managing director at KFH, having founded Kinleigh, a specialist property management agency, in July 1977. Since then, Lee has planned and overseen the company's growth and development to offer more than 50 residential sales and lettings branches along with a host of other services including financial services, block management, professional services and commercial property. Lee takes an active role in the company, working closely with his board of directors to develop and implement its future plans. In his spare time, Lee can often be found on a tennis court enjoying a competitive game.

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