Property buyers in the capital will be pleased to hear that waiting for their dream home has not cost them anything, as prices have not increased in the last year.
According to the latest findings from Halifax House Price Index, average values in London were only 0.1 per cent higher in March 2023 than they were in March 2022.
This is lower than the national average increase of 1.6 per cent, the equivalent of £4,500.
Kim Kinnaird, director of Halifax Mortgages, said while this is the “weakest rate of annual growth in nearly three-and-a-half-years”, it is also a sign of “relative stability”.
This is particularly impressive during the challenging economic environment, cost-of-living crisis, and soaring mortgage rates at the end of 2022.
Buyers who were not able to compromise on a property in the last 12 months will not have had to pay thousands of pounds more by waiting. However, it is worth noting that house prices in the capital are still substantially greater than elsewhere in the country.
Compared with a national average of £287,880 in March 2023, the typical cost of a home in the capital was £537,250. This amounts to paying £249,370 more for the same type of residence.
However, recent research from Zoopla reported that vendors in London are accepting offers up to £30,000 below their asking price to attract more buyers.
To understand the property market in the capital better, it is worth speaking to an estate agent in Cheam Village, who can let you know about recent price fluctuations and buying trends in the area.