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London sees only price rise in static November

Friday, 9 December 2011 10:10 AM

House prices in London rose 3.1 per cent in November but fell everywhere else in England and Wales, according to the latest house price index from LSL Property Services/Academetrics.

Across the country as a whole, prices were unchanged on the month but down 0.7 per cent over the year to an average of £220,043. However, the annual rate of decline slowed from 2.2 per cent in June.

The North saw the biggest fall over the month (7.2 per cent), followed by the North West, West Midlands and Yorkshire and Humber (all just over four per cent).

LSL Property Services said the market was proving resilient to the gloomy economic news from the Eurozone and was being supported by low interest rates and government schemes to help first-time buyers.

David Brown, commercial director, said: "Static house prices don't mean property values are standing still.

For buyers looking to get onto the market, 0 per cent price growth means that in real terms property is becoming more affordable. With inflation running at five per cent, the real cost of property is getting smaller and smaller, which is good news for buyers and mortgage borrowers alike."

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