The London property market seems to be riding high for once in eight months with brokers recording the highest number of mortgage applications in the £1 million plus range.
Hometrack, the housing expert, is due to publish figures tomorrow that will confirm the hike in the Capital City’s property prices in March. For instance, a 1 percent increase in the housing prices was noticed in Kensington and Chelsea, while houses in Westminster recorded a rise by 0.6 per cent. Harrow properties increased in value by 1.6 per cent and Camden properties saw a 1.4 per cent rise. Overall, London saw house prices become steady, though with a few exceptions, like Hackney, Lewisham and Southwark where a decrease in property value of more than 1 per cent was registered.
According to Savills Private Finance, the mortgage applications treated till March amounted to an exceptional figure of 32 in the £1m plus group which was just double the amount of applications processed in the years 2003 and 2002. Savills revealed that Chelsea, Mayfair, Westminster, Knightsbridge, Hampstead and Wimbledon had shown optimistic figures, along with numerous £1m-plus deals made in Bath, Gloucestershire as well as parts of the South East.
Savills explained further that the recent windfall gains that the city had earned as bonuses had greatly stimulated property demand among the rich and famous, likewise even elite Americans were seen exploring properties in London.
Philip Selway of Buying Solutions, the Knight Frank subsidiary, verified that the £1m-plus umbrella was seeing some amazing demand figures and described the market as "incredibly buoyant".
However, although the property price graph of London is considered as the harbinger of the price changes in the remaining country, John Wriglesworth from Hometrack warned that things could be different this time and said “Any renewed confidence in the housing market could easily be dampened by the forthcoming general election.”
Posted
on : Tue, 29 Mar 2005 00:00 GMT | Mortgages News
By : Salim Patel
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