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Average London house exceeds £250,000

Thursday, 8 June 2006 12:00 AM

An average house in London is now worth more than a quarter of a million pounds.

Following a one per cent increase in house prices during May, the average house price in the capital rose to £250,137, data from Haart estate agents shows.

House prices are ten per cent above this time last year when the price of an average London property was £226,144.

"The market has been very buoyant this first half of the year, as buyers are continuing to return to the market," said Paul Smith, chief executive of Haart estate agents.

He added: "Buyers are remaining price sensitive, however, and the overpriced properties are not shifting."

Residents of north-east London have seen the biggest increase in the value of their properties in the last month, with the average price rising by 4.5 per cent, followed by east London with a price rise of 2.1 per cent.

First-time buyers, despite the large price rises, accounted for 27 per cent of the market share in May - roughly the same as the previous month.

"First-time buyers remain confident that the housing market is healthy, and with interest rates remaining relatively low they are still able to afford repayments on their mortgages, despite the rising prices," Mr Smith said.

He added: "We are expecting the World Cup to impact on activity levels over the next few months, and there will certainly be a bounce in the market after the competition.

"Now is a great time to enter the market and snap up a deal ensuring you are a step ahead of the post tournament rush."

Average prices remain highest in the west and south-west of London, at £280,380 and £273,362 respectively.

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