For sale signs (Andrew Matthews/PA)
(Picture: PA Wire)The news that flats in London were beginning to catch up with the rest of the country in terms of property price growth – and in some cases outstrip them – is unlikely to be welcomed by any potential first-time buyers out there looking to take advantage of the pandemic discounts that were briefly available. According to one survey, flat prices are outpacing the overall property market in five London boroughs — Barking and Dagenham, Greenwich, Newham, Hackney and Tower Hamlets — in a striking reversal of the trend of the last two years.
In eight other boroughs — Wandsworth, Lambeth, Southwark, Waltham Forest, Lewisham, Islington, Hammersmith and Fulham and Westminster — flat price rises have almost caught up with the overall market. Lucy Pendleton, of agents James Pendleton, said: “London is on manoeuvres once again. There’s been no exodus. In fact, many younger buyers chose to rent while the dust settled on the pandemic, and that’s the main reason why the lettings market has been red hot.
“These buyers, who put their purchases on hold, are being confronted by the reality that borrowing costs are going up. Many of them are first-time buyers who are desperately playing catch-up. We expect the prices of flats in London to put in a robust performance in 2022 for this reason.”
What do you think about the news that London house prices are catching up with the rest of the country? Does more need to be done to make housing affordable for all? Let us know your thoughts in the comments below for the chance to be featured on the ES website tomorrow.
Wednesday’s Talking Point: How do you feel about Covid rules in England ending a month early?
CyclingLondoner said: “Best news in a very long time”
Anti Establishment continued this theme by writing: “Best news in 22 months!”
