8 shocking stats about London house prices

Did you know? The average price of a London home is more than half a million

Urgh – the London housing market. Is it a bubble? Is it a sign of an unbalanced economy? Is it a credible threat to our economic security? These are questions that will be answered over the coming years.

But here are eight facts about the property market you might not know.

1. The value of the UK’s homes has risen a phenomenal £1.8 trillion in the last decade, according to Halifax.

2. For each home in the UK, it’s a rise of an average of £76,316.

3. UK house prices are going up by nearly a tenth each year – however, they rose more slowly with a 9% increase in the three months to November compared with a 9.7% increase in the three months to October.

4. Prices in London’s City fringe have risen 62% since 2008 to £570,000.

5. Across the whole of London, prices have increases 36% over the same period.

6. The Bank of England expects UK house prices to rise by 4.4% in 2016.

7. However, by the end of 2019, researchers from BNP Paribas think house prices will rise by 27%.

8. The average price of a residential property in London is £522,000.

 

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