London house prices: Both buyers and renters suffer brunt of affordability crisis
London house prices were 9.2 per cent higher in June than the same month last year, according to figures published by the Land Registry today.
The capital outpaced the rest of England and Wales, where price growth averaged 5.4 per cent.
Renters are not faring much better either. Average rents in London climbed to £699 in the three months ending June, according to figures given to City PM by flatshare website EasyRoommate today.
It marks a 13.3 per cent increase on the first three months of the year.
"It may be raining buyers, but with a drought of sellers, prices are rising across the board,” said Jonathan Hopper, managing director of buying agents Garrington Property Finders.
Andrew Bridges, managing director of London estate agents Stirling Ackroyd added: “Headline figures might look like a rising tide lifting all ships but real buoyancy is tightly tied to the eastern fringes of the City. Price rises and new builds naturally gravitate towards commercial and cultural hubs.
"Prices in Newham have risen a staggering 16 per cent as the up-and-coming attitude of the East spills further out from entrepreneurial areas like Hackney and Shoreditch.”
“The good news is planning approvals are loosening so new homes targets are now a feasible possibility.”