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Leap in London house prices

Tuesday, 9 May 2006 12:00 AM

London house prices leapt by 1.5 per cent in April, as the average price closed in on a quarter of a million pounds.

Data from Haart estate agents shows that house prices in the capital rose for the seventh consecutive month, spurred on by a large rise in the number of sales.

An average London property now costs £247,730, up from £243,963 in March - and a similar rise in May would push average prices above £250,000.

South-west London enjoyed a particularly strong Easter with prices rising by a staggering 4.3 per cent in the month, taking the average house price in this part of the capital to £273,632.

"The housing market has been particularly buoyant over the Easter period, as confidence remains high, under the backdrop of continued household growth and a stable interest rate outlook," said Paul Smith, chief executive of Haart estate agents.

"Transaction levels are well above those of last year and we expect this level of activity to continue well into the summer months. However, the market continues to be price sensitive and the properties that sell quickly are the ones that are correctly priced."

With prices continuing to rise it is perhaps unsurprising that the proportion of first-time buyers fell slightly from 28 per cent to 27 per cent in April.

"This could be the first sign of this group falling away again as prices move beyond their reach," said Mr Smith.

Haart expects house price growth in the first half of the year to reach seven per cent, but believes it will drop back in the second half of the year to five per cent.

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