Skyrocketing London house prices are not a put-off for home buyers & renters
This comes after the government housing whitepaper this week revealed that London property prices increased by £22 per hour over 2015, pricing many first-time buyers out of the property market.
Compare My Move’s data revealed that the majority of moves in London were for residents already living in London.
Dave Sayce, Director and Co-Founder of Compare My Move, said:
“The White Paper states that in 2015, the average house price in London increased £22 per hour, pricing many first-time buyers out of the market. We helped 9,611 people move to London last year, meaning people are still moving there. Schemes like Help to Buy and Starter Homes are useful solutions for first time buyers looking to get on the property ladder and buy affordable homes in London and the rest of the UK.
“Increasing the number of houses, the rate of house building and diversifying the market is a welcome idea; people will always need to move, so of course more houses will be needed and communities should be active in the decision making and planning process.
“It’s difficult to give a definitive prediction of what the housing market has in store for 2017, but experts we have interviewed don’t believe there will be a sharp fall in property prices in the coming year. Rather, home buyers won’t be put off buying properties due to low mortgage rates. Many buyers might simply look for affordable properties and try to move house in the most cost effective way.”
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