London house sales increase by 100% in a year
Confidence in the housing market is back with a 100% increase in activity levels in the capital in December from 12 months ago, according to figures from Haart estate agents. And average house prices in London increased by 1% over December. The average price of property in London is now £233,317 up from £230,852 in November.
The London housing market finished the year on a high with prices rising by over 3% throughout the last quarter of 2005. High salary levels, a shortage of good quality stock, record Christmas city bonuses and renewed confidence have all contributed to boosting prices.
Along with increased sales transactions there are early signs that first time buyers are coming back with a vengeance with 1% increase in first time buyer levels to raise it to 23% in December from 22% in November.