The number of sales agreed for properties over 500,000 pounds was up almost 50% in May from the same month in 2019.
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London’s housing market has had the lowest annual gain in prices in the country this month, according to data from online property portal, Rightmove.
Data from June shows that prices increased by just 0.8% compared to a 10% increase in East Anglia and 11% in the South West of England.
Londoners with bigger cash deposits leaving the city for surrounding regions are said to be fuelling the trend.
Low interest rates and the stamp duty holiday ending on 30th June has meant many buyers can afford to pay more for a home.
Why are Londoners looking elsewhere?
Dr Dorian Cooper, a GP who moved from his small north London flat to a larger Luton home, reflects the growing trend:
“London was really expensive and in terms of value for money, we could get more in Luton.”
“We were in Wood Green before, in a 2-bed flat and we needed to move because our family was growing. It is a lot more affordable here, and I can get to London by road or rail in under an hour.”
Dr Kelechi Oganyais looking for a property in Zone 3, as it’s more affordable than central London.
Rightmove’s Director of Property Data, Tim Bannister, said: “record low interest rates and stamp duty tax reliefs have helped many to spend a bit more on a home.”
Looking further afield:
With a large amount of the population working from home, the usual commuters have decided to move from small flats into larger properties outside of London.
Despite the low growth, house prices remain at an all time high, with the expectation that Londoners will continue looking further afield for cheaper properties.
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HeadlineLondon house prices plateau according to new data from Rightmove
Short HeadlineRecord property prices plateau in the capital
StandfirstHomes in the capital are taking two weeks longer to sell than the UK average, as the housing market shows signs of slowing down.
London’s housing market has had the lowest annual gain in prices in the country this month, according to data from online property portal, Rightmove.
Data from June shows that prices increased by just 0.8% compared to a 10% increase in East Anglia and 11% in the South West of England.
Londoners with bigger cash deposits leaving the city for surrounding regions are said to be fuelling the trend.
Low interest rates and the stamp duty holiday ending on 30th June has meant many buyers can afford to pay more for a home.
Why are Londoners looking elsewhere?
Dr Dorian Cooper, a GP who moved from his small north London flat to a larger Luton home, reflects the growing trend:
“London was really expensive and in terms of value for money, we could get more in Luton.”
“We were in Wood Green before, in a 2-bed flat and we needed to move because our family was growing. It is a lot more affordable here, and I can get to London by road or rail in under an hour.”
Dr Kelechi Oganyais looking for a property in Zone 3, as it’s more affordable than central London.
Rightmove’s Director of Property Data, Tim Bannister, said: “record low interest rates and stamp duty tax reliefs have helped many to spend a bit more on a home.”
Looking further afield:
With a large amount of the population working from home, the usual commuters have decided to move from small flats into larger properties outside of London.
Despite the low growth, house prices remain at an all time high, with the expectation that Londoners will continue looking further afield for cheaper properties.
