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Govt Reveals London House Prices Grew Just 3.2% In 2022

Property owners around the country are concerned about the slowdown of house price growth, but London saw the lowest annual inflation in the UK over the last year.

According to the latest House Price Index from Land Registry, properties in the capital typically increased in value by 3.2 per cent in the 12 months leading to January 2023.

This is much lower than the 6.9 per cent average for England, and considerably below the 10.2 per cent growth in Northern Ireland.

Although this might not be the best news for those who already own a home in London, as their property will not have increased by as much over the year, it is for house buyers.

Indeed, the decline in annual property growth means it is easier for them to get a mortgage and become a London homeowner. This, in turn, is better for vendors, as the market can remain buoyant, with more buyers available to sell to.

As a result, prices can remain somewhat competitive, and sellers will not be afraid to put their homes on the market at Cheam estate agents, meaning it will still be relatively easy for them to find somewhere new to live.

The Land Registry results also revealed property values in the capital declined by one per cent in January. However, the cost of a home in London is still significantly greater than the rest of the country at £533,986.

Indeed, a typical property in England is £310,159, which is £220,000 less.

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