Though home prices in the UK rose 4.9% in June, the City of London registered a fall in average price by 20% to £724,000, with the lowest average price continuing to be in the north-east. Even as month-to-month variations in home prices are to be expected, the marginally lower annual rate of growth over the previous year is beneficial for both owners and first-time buyers.
As an owner, you can rest assured that your property value is appreciating. If you’re looking to buy your first home in the capital city, now would be a good time to find a more affordable price by engaging an estate agent in London.
Further, the Council for Mortgage Lenders reported that first-time home buyers had borrowed up to 26% more than in May and 9% over that last June. The flurry of activity around buy-to-let was also palpable, with lending up 3% from May as well as June last year.
Latest data from the Office for National Statistics also suggests that house price inflation has eased since mid-2016, hovering over the 5% mark in 2017. For more information on home prices in Central London and nearby areas, please give our Sales Team at Greater London Properties a call on 0207 113 1066 – Central London’s Estate Agent.