Skyrocketing London house prices are not a put-off for home buyers & renters

February 9, 2017

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.”

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website. As an Amazon Associate, I earn from qualifying purchases.

You May Also Enjoy

Breaking News

First-Time Buyers Prioritising ‘Forever Homes’

A third of first-time buyer purchases are semi-detached properties, as young people turn to ‘forever homes’   Barclays mortgage data shows semi-detached properties rose in popularity in August, accounting for 33.5 per cent of first-time buyer purchases Four in 10 Barclays first-time buyer customers chose mortgages allowing them to complete their repayments over a 30+…
Read More →
Estate Agent Talk

Closing the gap on client relationships and recommendations

New research from iamproperty has highlighted the growing disconnect between what buyers and sellers want from their agent and what they experience, which could be killing recommendations from happy clients. iamproperty’s quarterly consumer survey revealed that only a third of respondents (32%)¹ would recommend their agent following their experience. With many agents relying on recommendations…
Read More →
Estate Agent Talk

Northern Ireland to expect over 25,000 new home movers

Belfast-based estate agency John Minnis has revealed that Northern Ireland is to welcome an estimated 25,000- 30,000 new arrivals from the UK and Europe over the next five years, as migration to the region reaches its highest levels in more than a decade. Recent figures show that 11,700 people relocated from other parts of the…
Read More →
Breaking News

Red tape and rising costs stifling new-build availability across the capital

The latest analysis from London estate agent, Benham and Reeves, has revealed how protracted building timelines are preventing the capital’s housebuilders from delivering the level of new-build housing stock required to meet demand, with new homes currently accounting for just 7.5% of all properties listed for sale across London. Benham and Reeves analysed the latest…
Read More →
Estate Agent Talk

UK’s new wave of ‘second cities’ offers strongest yield growth for property investors

The latest research from West One Loans has found that whilst investors may continue to favour the nation’s key cities such as London, Birmingham, and Manchester, a new wave of ‘second cities’ is delivering the strongest growth in rental yields. These emerging markets are offering investors the chance to achieve attractive returns, driven by rising…
Read More →
Estate Agent Talk

Decline in change of use further constricting housing supply

Jonathan Samuels, CEO of Octane Capital, believes that a decline in conversion projects could ultimately prevent the Government from hitting its ambitious housing delivery targets, as the firm’s latest analysis has revealed that the number of homes created through change of use has fallen sharply in the last five years. Octane Capital analysed official Government…
Read More →