LETTING & ESTATE AGENT

Following the government’s update on 13th May 2020 regarding home moving in England during the Covid-19 outbreak, we are pleased to announce our branches in England will start re-opening their doors for booked appointments over the coming weeks. Health and safety remains our main priority, and a number of strict measures will be put in place to protect our staff and customers. Our offices in Scotland and Wales will continue to support customers from home. Visit our branch page to find contact details for your local office.

Will there be a £1m average London house price by 2020?

Will there be a £1m average London house price by 2020?

Rightmove says the annual rate of housing asking price inflation in London is now up to 9.5 per cent - and warns that if that is maintained for the next five years the average London home will be priced at £1m by late 2020. 

The price of property coming to market in London has rebounded from its holiday-season lull to jump by 2.2 per cent or £13,177. 

The average price of a newly-marketed home in the capital is at a new all-time high of £620,003, up by 0.8 per cent on the previous record set in July of this year.

 

 

“This month’s rise more than reverses the seasonal slowdown over the last two months. It’s a volatile time of year for average prices however, as potential sellers of higher-priced properties tend to refrain from coming to market in the holiday period, but then get on with their home moving plans again in September” says the portal’s commercial director, Miles Shipside.

He says London’s long-term supply/demand imbalance and its continuing appeal to foreign buyers now appear to have overcome the jitters shown earlier this year as a result of stamp duty reform and pre-election mansion tax worries.

 


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