South-west catching up London in house price surge

London prices are leading the way as a continuing wave of rising prices hits the UK, research from Academetrics has revealed, with 15 per cent growth over the last 12 months.

The surrounding south-east region has seen subdued growth, by comparison, at 8.6 per cent, but homes in the south-west have gained ten per cent in average value over the period.

Growth in the south-west is thought to have been promoted by the prospect of securing a property in a region where the average house price is still just £233,550.

Seemingly unstoppable growth in London continues, meanwhile, with the average home now costing £350,000, and concentrated inflation in Kensington, Chelsea, and Islington, where house prices gained by a whopping 20 per cent over the year.

Buyers casting around for affordable housing in London could look to areas such as Harrow, Croydon or Newham, where prices rose by just eight per cent, Acadametrics' Troy Martin told This Is Money.

Those retiring from work, however, tend to seek housing in the more relaxing south-west, making a 'quality of life' calculus to inform their choice of location, he added.

Related Articles