Friday, November 22, 2024

London house prices have fallen by 0.9%

The UK House Price Index (UK HPI) shows house price changes for England, Scotland, Wales and Northern Ireland.

The data for England shows house prices have risen by 0.1% since October 2017. The annual price rise of 5.3% takes the average property value to £243,339.

The data for London shows:

  • house prices have fallen by 0.9% since October 2017
  • an annual price rise of 2.3% takes the average property value to £481,915

Average price by property type for London

Property type November 2017 November 2016 Difference %
Detached £919,354 £886,553 3.7
Semi-detached £583,283 £562,093 3.8
Terraced £495,903 £480,836 3.1
Flat/maisonette £424,766 £418,660 1.5
All £481,915 £470,854 2.3

Funding and buyer status for London

Transaction type Average price November 2017 Annual price change % since November 2016 Monthly price change % since October 2017
Cash £506,946 1.9 -1.3
Mortgage £474,145 2.5 -0.8
First-time buyer £421,781 2.3 -0.7
Former owner occupier £543,383 2.4 -1.2

Building status for London

Building status* Average price September 2017 Annual price change % since September 2016 Monthly price change % since August 2017
New build £521,920 10.2 0.9
Existing resold property £485,338 2.9 -0.2

*Figures for the two most recent months are not being published because there are not enough new build transactions to give a meaningful result.

Sales volumes for London

The most up-to-date HM Land Registry sales figures available for London show:

  • the number of completed house sales in September 2017 fell by 21.5% to 6,494 compared with 8,275 in September 2016
Month Sales 2017 London Sales 2016 London Difference %
August 7,802 8,535 -8.6
September 6,494 8,275 -21.5

 

Prabhu Balakrishnan
Prabhu Balakrishnan
Founder of Citizenship by Investment News. Chief Editor with over 15 years experience in PR and News publishing. He Loves writing about citizenship, residency and wealth migration. CIP Journal is a Leading publication founded in 2017 bringing latest news from CBI/RBI market.

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