A net balance of 8% of surveyors have reported falling house prices in London for the month of September according to the Royal Institution of Chartered Surveyors. This brings to an end four years of growth for the Capital.
Looking ahead surveyors are expecting to see a rise across the UK in the next 12 months but prices in London are only expected to increase by 1%. This has been blamed on new buyers acting with particular caution
A major lettings network has released information showing that average private sector rent rates are at an all-time high.
Rents in the South East recorded a 3.4% year-on-year increase.
The average monthly rent in London now stands at nearly £1,200 after increasing by 3% year-on-year.
Property values in London have surged ahead of the rest of the country, recording a 19.1% year-on-year jump and taking the average property price in the capital to £514,000.
Nationally prices have reached a new record high of £272,000 on average after rising by 11.7% over the last year, according to figures from the Office for National Statistics.
An estate agents has calculated that residential property in London is now worth over £1.5 trillion.Read the full story ›
A single storey, 640 sq ft garage near Stoke Newington has a gone on the market for £359,950.Read the full story ›
- London and the South East are continuing to record the strongest annual growth
- England remains the only UK country where property prices are higher than their pre-financial crisis peak, now standing at 10% above their previous high seen in 2008
House prices in London have continued to rise around twice as quickly as those across the UK, with the capital seeing a 19.3% jump in prices in the 12 months to June.
Figures from the Office for National Statistics show the average house price in London is now just shy of half a million pounds, at £499,000.
London's house prices are expected to rise 16% in 2014, putting the price of a home in the capital at £466,000, £224,000 more than the average UK home, according to new Cebr forecasts.
A shortage of housing in London coupled with high demand to live in the capital is resulting in a boost to house prices.
New how that a typical house in the UK is expected to cost £242,000 in 2014, rising by 6.9% compared to 2013.