House prices in the outer areas of London and the surrounding commuter zones are registering growth in view of affordability and demand, according to the latest UK Cities House Price Index from Hometrack.
“Modest price increases continue to be registered in outer areas of London and the surrounding commuter zones where average prices are between £300,000 and £450,000 and affordability is less stretched than in central areas,” Hometrack said in its September Index.
London’s housing market is large and diverse, but its fundamentals remain strong. An analysis of price changes by local authority area finds that price falls are concentrated in inner areas of London where affordability levels are most stretched and the gap between asking and sales prices is largest.
It was found out that house price growth has been moderating in London in the last few months. Around 44 per cent of postcodes across London City are registering month-on-month price falls compared to a whopping 70 per cent in December 2017, in the wake of Brexit and its impact on the economy.
This means that 56 per cent of postcodes in London are registering month-on-month price gains, implying that the proportion of markets registering annual price falls will slow further over the rest of the year.
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In London, the extent of monthly price falls has moderated, and 56% of postcodes are registering month on month price gains.