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"The capital’s housing crisis has become an increasingly important issue on the political agenda, following the rise in prices during the economic recovery.
"House prices are now increasing more quickly than at any time since the peak of the property boom immediately before the credit crunch, figures show. The value of the average London home went up by 17.7 per cent in the year to February, a rate not seen since the 18.8 per cent recorded in July 2007 on the eve of the Northern Rock collapse. It means home owners saw their properties rise in value by an average of £63,000 — around twice median London salaries — to a record £458,000 in 12 months.
"City economists said talk of a bubble in London is now 'fully justified' as desperate house buyers outbid each other at frenzied open days to win the few properties coming on the market. The average first-time buyer property now costs £358,000."
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