The price of buying a property in London might have slowed in terms of rises towards the end of last year, but the average home still saw its value climb by a staggering £260 per day over the period, according to a new report.
Overall, the largest 12-month price rise was in evidence in Balham, where the cost of purchasing was 21 per cent higher at the end of 2014 than it was at the end of 2013. This was followed by Brook Green where property values are now 19 per cent higher than a year ago.
According to the latest London Property Monitor report from Marsh & Parsons, the majority of rises came in the first half of the year, with the final quarter of 2014 having seen the average price of capital properties falling by 1.6 per cent.
However, this was largely due to a large increase in the number of homes that were coming to the market during the final quarter of the year. In the three-month period from October to December, Marsh & Parsons said that the number of available homes in London was up by 26 per cent.
This year, London sellers will be pleased to know that prices are expected to start climbing faster again. This forecast is based on the fact that the number of people looking to buy a house has now increased.
The Property Monitor said that in the space of the last few months, the number of buyers per house for sale had jumped to 13. This is markedly higher than it was at this point a year ago, wherein each property typically had nine potential buyers.
"Over the past year there has been significant house price growth, but this hasn’t followed a simple straight line course. Property markets usually follow a cyclical pattern, and the first half of 2014 saw a strenuous uphill charge of house price growth, as buyers jostled for the best properties," said Peter Rollings, chief executive of Marsh & Parsons.