London house prices surge in Q1

Robyn Hall

May 21, 2013

The 2.83% increase means that the average price of a home in Greater London now stands at £368,357.

The Review also found that residential property selling times in Greater London remain among some of the fastest in the country at 96 days in March, 40 days faster than the national average.

There was also a huge surge in new listings for the Capital in January, as is seasonally expected. Although the number of new listings doubled in the first quarter from December’s figure.

Robin King, director at Move with Us, said: “An increased number of new listings, rising house prices and reduced selling times indicate a strong market.

“Timescales reduced in March which is an indication that the market quickly adjusted to cope with increased competition from new listings.

“This improvement will need to be confirmed in the next residential market review however London is generally seen to be a reliable and steadily improving market.”

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