London house prices up 3.4 per cent, figures show

A new report released by Rightmove shows that between January and February 2019, property prices in the capital increased by 3.4 per cent, reaching a new average high of £614,000.

Certain London boroughs have seen even bigger jumps in prices, with Camden and Westminster witnessing property price increases of an average five per cent.

There has also been an increase in activity in the market in Central London with the traditional surge of springtime action showing signs of life.

The rise in house prices in London is being attributed to a combination of new stock coming onto the market, sensibly priced property and an attractive exchange rate, all of which is encouraging overseas buyers to invest in the housing market.

A separate report by Zoopla reiterates house prices are picking up in London. According to the Zoopla UK Cities Index, house prices rose in every city in the UK for the first time since August 2015.

The Index found that, across the country, house prices increased by 2.8% year-on-year and have been increasing each month since November 2018.

Where prospective house buyers were previously holding back, put off by the uncertain political and financial landscape, the property market is starting to pick up as people are beginning to take advantage of subdued house prices.

If you are thinking about taking advantage of what has been a subdued property market in London that is showing signs of picking up, by purchasing property in London in 2019, property auctions can be a cost-effective way to invest in bricks and mortar.

Find what you’re looking for by taking a look at the lots that are already confirmed for our forthcoming property auction taking place in London in May.