The house prices in London have gone up 2.4 per cent month-on-month, according to statistics released by the HM Land Registry.
The average price of a house in London was £484,584 in April 2018, the UK House Price Index summary revealed. This is 1 per cent higher when compared to the corresponding period last year. In fact, house prices are gradually increasing in the UK capital following an expected slowdown earlier this year.
London is likely to maintain the same level of growth in house price with the demand picking pace in zones 3-6. While prime central London properties are not experiencing the same level of price growth owing to weakening demand, outer London holds better prospects. Softening of property prices in prime central London is expected.
The annual change in house prices across England was 3.7 per cent with the average price being £243,639. The annual price change for a residential property in the UK was 3.9 per cent with the average being £226,906. On a month-on-month basis, the house price growth was 1.2 per cent in the UK.
On a seasonally adjusted basis, the number of transactions on residential properties with a value of £40,000 or greater was 100,190 in April in the UK. The number of mortgages approved in April 2018 was 62,455.
The UK House Price Index (UK HPI) is calculated by the Office for National Statistics and Land & Property Services Northern Ireland