Excellent news for home sellers in London. In October, home values in the capital surged by more than £7,000, reaching a new peak of £404,199, the latest house price index from Sequence (UK) shows.
The figures from the owner of 300 estate agency branches suggest that house prices in the capital were 4% higher compared with the previous month and 10% higher than a year earlier. The surging asking prices, however, did not deter buyers; sales expanded by 4% over September and by a third year-on-year, hitting a three-year record.
Country wise, house prices jumped by £5,583, translating into a weekly uplift of around £1,300. The increase brought the cost of a three-bedroom semi to £209,923 on average, or 3% more compared with September and 11% over 2012.
Sequence further estimated that there were around 14 people on average competing for every property for sale in London and seven in other parts of Britain.
The study pointed to a record level in demand for houses across the United Kingdom, with mortgage applications going up 6% on the month and 45% on the year in October, as buyers were increasingly active. The strong appetite for property has had a substantial impact on values as competition for home units is enhanced, Sequence chief executive David Plumtree commented.