Property prices on the rise in London

Buying a property in the capital is set to become even more expensive, according to new findings, which showed that property prices have risen and are set to rise even further. 

Research published by Castle Trust, an investment company revealed that nine-out-of-ten Independent Financial Advisers (IFAs) expect UK house prices to increase during the next three years.

Its data showed that the vast majority (86 per cent) of advisers expect house prices to rise with one-in-20 anticipating a dramatic increase, between now and 2019.

Commenting on the findings, Sean Oldfield, chief executive of Castle Trust, said: "It is clear that confidence in the entire UK housing market is finally taking hold and is no longer just confined to London and the South East."

Over the next decade, only six per cent of IFAs expect prices to drop and one-in-14 think they will rise by over 50 per cent.

The data also revealed that financial advisers on average think that house prices will increase by around 21 per cent by 2024.

This would add £37,773 to the value of a typical home. 

A similar report by Hometrack published earlier this month revealed that the average property rose by 0.7 per cent at the beginning of the year.

According to Hometrack, prices went up in more than half the country for the first time in a decade last month.

This was felt most strongly in London where prices rose by 1.1 per cent in a month. 

A separate report unveiled by LSL Acadata Index, showed that property prices in England and Wales increased by £2,500 in February. This had the effect of taking the average price to £257,951.

Published 25th March, 2014

© 2014 Estates IT Limited