London property prices up by £15k in last month
Prices jumped by £15,000 (0.9%) over the last month in Greater London, according to the January asking price index from Home.co.uk.
It says that sellers are particularly optimistic as 2016 kicks off, because they are all too aware that there is a chronic lack of supply. As a result they don’t need to be cautious with their pricing.
The figures bear this out as, despite a small uptick in supply, the total number of properties on the market has fallen to a new low. Just over 386,000 properties are currently for sale: 47% less than in 2008.
This lack of supply is a trend that is expected to dominate the UK property market in 2016 and push prices up.
House prices rose 0.3% across England and Wales over the last month, which is the highest rise for January since the start of the financial crisis.
High demand means that the typical time on market for England and Wales has hit a new post-crisis low for the month of January – 117 days, which is nine days less than a year ago.
Overall, the average asking price for England and Wales is now 8.2% higher than it was in January 2015.