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The prices of houses in London failed to grow largely last year in contrast to the rest of the UK, as accessibility pressures kept potential customers in stock.
The average capital house cost £ 549,000 in December 2024, unchanged from the same month in 2023, according to data published by the National Statistics Office on Wednesday.
Zero annual capital growth compared to average House prices in the UK It increased 4.6 percent to £ 268,000 in 12 months to December, compared to 3.9 percent of the year to November, and the fastest pace from January 2023.
Ons said that some of the most favorable areas in the UK recorded the strongest growth, with an annual increase in house prices of 9 percent, 6.9 percent and 6.7 percent in Northern Ireland, Scotland and Northwestern England.
Jonathan Hopper, CEO Garrington Property Finders, said: “Not since the main race for” post-Lockdown “race for the universe” different between London prices and the rest of the UK was so great.
“Customers in the capital have since then [the autumn Budget] Become very sensitive to the price and willing to negotiate a price or simply look for somewhere else. ”
Richard Donnell, CEO of Consultacy Houseful, said that the house prices in the capital were still retained by the pressures of accessibility and high prices compared to revenue compared to the rest of the country.
“This, despite the faster growth of jobs and high levels of migration to work and study, has had a greater impact on higher rental values,” he added.
The prices of houses in London are nine times a year earnings, which is significantly above 5.9 ratios for the UK as a whole, according to data from the construction society across the country.
Paying a mortgage as a share of earnings among customers, which are almost 60 percent in the capital for the first time, compared to 36 percent throughout the country.
London also has more apartments that have weaker effect of other types of property over the past year.
The prices of the apartment in the UK increased by 2.3 percent in 12 months to December, compared to the price increase of 5.6 percent for the semi-decorated home prices and 5.2 percent for separate real estate, according to the data he announced on Wednesday Land Register.
Establishing the price of houses in London last year indicates a Continued lower effect Compared to the national average of 2016, reflecting the influence of Brexit and Pandemia Coid-19, when customers raced to buy higher real estate in suburban and rural areas.
Since 2021, larger interest rates have also led to an increase in mortgage rates, affecting potential customers.
With fewer households that can buy real estate in the capital and restricted supplies, the rent continued to grow faster than in the rest of the UK, ONS said.
The rent increased by 11 percent of the year until January in London, reaching an average of £ 2,227. This increase was above an increase of 8.7 percent throughout the country and only slightly below the London record of 11.6 percent in November 2024.
