The house asking prices in London have been rising in April 2022, across all the boroughs hitting a new record high. The average house asking price is now £677,110.
According to a recent report by Rightmove, the annual house asking price has risen by 6.6%. This shows an increase of 1.9% from March.
Most homebuyers and property investors are now moving to the capital market after two years of dampened interest brought by the Covid-19 restrictions.
Which is the most expensive place to live in London?
According to the borough data, Chelsea and Kingston show the highest annual hike. The property prices in these locations are rising by 13.8% to £1.74 million. This is one of the most expensive places to live in London.
The return of wealthy international property buyers to the London property market comes from the increasing demand for the royal borough’s multi-million homes.
Dagenham and Barking are some of the most affordable of London City’s boroughs in the east. The average asking price in this side of the country has gone up by 10% to £365,907.
Other boroughs witnessing double-figure house price growth include Merton, Havering, Bromley, Sutton, and central Westminster.
Havering is likely to be the most enticing location to live in the city. The property prices in this location have risen by 11.3% but remain at a comparatively affordable rate of £475,150. Sutton is also another place you should look forward to buying a property with the prices up by 11.2% to £540,305.
Prices have only been increasing in most of the London borough. Ealing in the west is one of the locations that has witnessed a decrease of 0.9% in the house asking prices since March 2022. However, the asking prices in this location are 4.1% high annually.
The slowest asking price growth of 0.7% has been witnessed in Lambeth. The average home is worth £661,069 in this part of the city. In Brent, the growth has also been sluggish at 2.8%. Other places with slow growth include Camden (3.3%) and Fulham (3%).
The rising UK house prices
The national UK house prices have increased for another third consecutive month. The current house asking price in the UK is up by 9.9% from last year to £36,101. The £19,082 price jump witnessed in the last three months is one of the largest price increases.
Properties in the UK are achieving a 98.9% of their asking price, as shown by the fast speed of sales across the county. At least 53% of the property is selling at the final advertised cost.
Take advantage of the seller’s market.
This is the time to take advantage of the sellers’ market. The UK house prices seem to be rising slowly as expected because of the economic headwinds like the inflated cost of living and the increasing interest rates. This month’s 1.6% increase in property price is one of the lowest compared to the last two months.
We can also predict a monthly price fall over the summer, but this will not be that significant because of the outspread demand-supply imbalance. Most homeowners are not likely to list their homes for sale because of the high market competition among buyers.
However, this is the time you should take advantage of the seller’s market. You should secure a quick sale or purchase because it is less stressful than a slower house market.
Get an online conveyancer when selling or buying London property
If you’re planning to sell or buy property in the UK, you should seek help from a licensed online conveyancing solicitors in London. The advantage of getting help from an online conveyance is that you speed up the process.
You can reach out to the conveyancer at any time. There is no need for a face-to-face meeting with your conveyancer because you have the entire team at your disposal.
You escape the heavy filing and paperwork when you have all your conveyancing done online. You can opt for AVRillo conveyancing services the next time you plan to buy property in the UK. They also offer conveyancing services in Oxford and other areas of the UK.
Final Thoughts
The house asking prices in the UK have been on the rise for the last three months. This has been brought about by inflation and imbalance in the demand and supply of houses in most boroughs. When buying property in London, you should research widely and find a competitive price.
