Greater London property prices hit a new record high

Soaring property prices in London

Greater London property prices hit a new record high.

Property prices in Greater London have just pipped the £600,000 mark for the first time on record, according to the UK Land Registry.

The continued upward trend for residential property prices in Greater London has resulted in inflated property prices driven by record lows in bank mortgage rates and beneficial falls in basic rate Stamp Duty from the UK government.

England and Wales, however, is showing no signs of the recovery being enjoyed by Greater London.

Prices will also soften as transactions plummet following the Q1 stampede and tax changes continue to rock the upper-end of the market. This is being compounded by pre-referendum jitters and global economic uncertainty, as international investors face struggling stock markets, falls in oil prices and an unsettled Chinese economy.
However, a slightly softer pre-Brexit market could potentially offer plenty of opportunity for seasoned investors, if sellers are looking for a speedy exit.

If you are thinking of buying, selling, renting or letting your property in London please do email or call us and we would be more than happy to conduct a valuation on your property for free.

Uploaded by Dominic Swinfield – CEO LLNH

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