By Joshua Manning • 13 April 2022 • 14:05
Data issued by the Land Registry illustrated the rise in cost of an average property in London to have increased 8.1% in February, reaching an all new record high of £529,882. This means that the average rise in prices of London’s properties since the beginning of the Covid-19 pandemic, is more than £55,000, as reported by the Evening Standard.
February alone saw an £11,600 increase of property value equating to 2.24%, and making it extremely difficult for young buyers in the property market.
Chief Executive of agents Chestertons,Guy Chittins stated: “In February London was seeing a substantial uplift in buyer demand. Buyer enquiries were up 36 per cent in 2021 whilst the number of properties for sale were down 11 per cent. f 2021 was defined by a race for space and people moving out to the suburbs, 2022 has been seeing an absolute boomerang effect with house hunters rushing back into the capital; a change in buyer behaviour that has been accelerated by the return of office workers and international travellers.”
Director of London agents Benham and Reeves Marc von Grundherr, stated: “While the London market continues to trail the house price pack where annual rates of appreciation are concerned, February’s explosive monthly increase provides the first signs of how quickly the tide is starting to turn. We’ve seen a sharp uptick in market activity on the ground for some months , driven by the return of both domestic professionals and foreign buyers, and this is now starting to translate into positive market momentum.
“Although the wider UK market may be susceptible to higher mortgage rates and the increasing cost of living, this is less likely to faze buyers within the capital. So we expect to see a complete role reversal with regard to property value performance as the year goes on.”
Speaking on the duration of the housing price boom, North London agent Jeremy Leaf stated:
“These numbers show house prices continuing on their apparently inexorable upward path but that’s not quite what’s happening on the ground now. Demand is still well ahead of supply but concerns about the rising cost of living, squeezed pay packets and potentially further interest rate rises, are reducing price growth and transaction numbers. Looking forward, we expect activity to return to more ‘normal’ pre-pandemic conditions as supply picks up as part of the usual spring bounce.”
Thank you for taking the time to read this article, do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you don’t already have one. Review our
Originally from the UK, Joshua is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]
Your email address will not be published. Required fields are marked *
Download our media pack in either English or Spanish.