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London homes in monthly price rise
HOUSE prices in London rose by 0.3 per cent over August on the back of a dwindling supply of homes for sale.
Hometrack’s national housing survey showed higher price tags in London, the south east and East Anglia, with London’s average price rising to £275,300, although year-on- year prices showed a 6.7 per cent fall.
Research director Richard Donnell warned that the August increase was due to a shortage of houses for sale, rather than a market recovery.
Recent surveys show that over the last four months the London housing market has seen a 2.6 per cent fall in the number of houses for sale, compared to a 34 per cent increase in demand.
“The market remains in a fragile state,” Donnell said.