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Jump in sales to first home buyers

Increase in sales to first home buyers

There's been an increase in the number of first time buyers entering the London property market. Marsh & Parsons' latest London Property Monitor shows they account for 28% of purchases in the three months to March 2015, up from 21% in the previous quarter. Investors account for 29% of sales. It also found one-bedroom properties have risen in value by £75 a day over the past year.

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Londoners feeling the housing crisis

London buyers feeling the housing crisis pain Credit: Yui Mok/PA

London home buyers are feeling the housing crisis more sharply than anywhere else in Britain. The Chartered Institute of Housing found that 76 per cent of people in the capital believe there is a housing crisis in their local area. 81% of Londoners said there is a housing crisis in Britain.

"As our poll shows, this sense of crisis is most strongly felt by people in London, where prices are highest. Many areas are well on the way to becoming out of bounds to all but the very wealthiest households - if things carry on as they are ordinary people will simply not be able to afford to live in many areas of the capital."

– CIH chief executive Grainia Long

Wandsworth Council proposes 18,000 new homes

Credit: Andrew Matthews/PA Wire/Press Association Images

Wandsworth Council wants to build 18,000 homes in the next ten years.

They say it's in response to years of undersupply and rapid population growth.

It's part of the 'Wandsworth Housing Offer' and aims to provide a broader range of types of home and to improve housing standards.

If approved, it will be a 60% increase on their previous home building target.

"Our key objective is to sustain a significant increase in housing supply with a focus on providing opportunities for the diverse range of households living and moving here.

This includes older householders, the sons and daughters of our existing residents and the young singles and couples who make up an important part of the borough population."

– Council leader Ravi Govindia

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House prices fall in a third of London boroughs

London going against the national trend as house prices drop in a third of boroughs Credit: REUTERS/Toby Melville

House prices in a third of all London boroughs fell in November, compared to the previous month. That's according to the LSL/Acadata house price index. Southwark experienced the biggest average price drop of 3.1%, while Hounslow recorded the largest average rise of 4.3%.

Typically the capital and South East lead the way in price growth but it was stronger growth in other areas which pushed the average house price up by 9.6% in England and Wales last year to £278,997.

The borough of Kensington and Chelsea recorded the highest average price in London of £2,006,778 in November, down 1.3%. At the other end of the scale is Barking and Dagenham, where the average home costs £222,033.

House price growth slows in London

House prices in five UK cities have been rising faster than in the capital.

Findings by Hometrack found house price growth in London slowed by two-thirds in the last quarter to 0.5%. That is compared to 1.4% three months ago.

Meanwhile property in Edinburgh, Glasgow, Southampton, Bristol and Birmingham rose at a faster pace in the three months to November.

Edinburgh (1.8%) and Glasgow (0.9%) registered the fastest house price inflation in the last quarter, as demand fed back into the market post-referendum.

The greatest reversal was seen in Aberdeen (-0.4%) and Cambridge (-0.2%), but Oxford (0.3%), Cardiff (0.2%) and Bournemouth (0.1%) also showed pronounced slowdowns.

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