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Home > News > London Prices Predicted to Continue Rising Steadily

London Prices Predicted to Continue Rising Steadily

Monday, November 30, 2020

Halifax released figures in October that showed UK prices have risen over 7% month on month corresponding to last year.

The Royal Institute of Chartered Surveyors, RICS showed house price growth hit an 18 year high in September, with all metrics predicted to remain strong throughout next year.

The avalanche of buying, triggered by the “stamp duty holiday” is set to continue with the market applying considerable pressure on the Chancellor to continue with stamp duty cuts.

Activity levels continue to surge with overwhelming evidence that the UK market’s buoyancy will continue.  New instructions from sellers are now on the rise.  The RICS survey shows that this is the fourth month in a row with increased seller activity.  Agreed sales continue to rise indicating that the activity levels are becoming reality.

Land registry numbers show that the market has been surging in London since the end of the first lockdown in May/June.  This is led by Hackney, Islington, and Ealing boroughs with growth numbers of 9.1%, 8.5%, and 7.2% leading the way.

Chesterton’s quoted that their enquiry levels in September were 39% higher than the equivalent month last year.

Zoopla predicts that the housing market will be busier in the run-up to Christmas than it has been for the past 10 years, Richard Donnell, director of research at Zoopla states that demand and sales agreed is more than 30% higher than this time last year.

With more than 100,000 additional house sales expected during Spring 2021, the market is set to continue with good growth levels next year.

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