London house prices ‘continue to rise’

Property owners in the Greater London region could well be facing increased secured and home loan costs, it has been suggested.

According to research by Home.co.uk, the average home in the region, not including those which are valued at £1 million and above, is now worth £336,900.

The study also indicated that despite four interest rate rises in the past 12 months, the price of property in the capital has increased by 14 per cent over the last year.

Business development director Doug Shephard said: "Asking prices are going ballistic and thus far we see no signs of a slow down in this market despite growing pressure from
interest rates."

As a result of rising property costs, consumers were reported to be "spilling over" into the south-east where "house prices can actually look like relatively good value to priced out Londoners".

Research conducted by the Royal Institution of Chartered Surveyors earlier this week indicated property prices grew over the course of April for the 18th consecutive month, which may increase secured loan costs for many homeowners.

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