The London housing market has demonstrated signs of recovery, with figures at the top end of the market increasing by 6% year-on-year.
The number of agreed sales for properties above £750,000, which represent a fifth of all transactions in London, climbed 6% in September on the same month a year ago, revealed a report published by Rightmove today.
During August, London was the fastest growing region year-on-year, climbing 3.6%, according to Your Move’s house price index, also published today.
The new data suggests the London housing market may have overcome the worst, having recorded its biggest monthly fall in prices since the financial crisis at the start of the year. The City of London, in particular, experienced significant growth with prices increasing by 12.7% annually, which Your Move said indicated “confidence in properties in prime central London remains strong”.
However, while this may sound promising, the recovery seemed to only be focused on the upper end of the market, as prices in 21 out of the 33 London boroughs dipped, found Your Move.
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