House prices in prime central London have grown for the 34th consecutive month and are now 60% higher than their market low in March 2009, says Knight Frank.
However, annual price growth in Greater London is now outstripping that of prime central London – at 8.1% as opposed to 7%.
The firm says that in spite of record prices, inquiry levels are robust, with the number of new applicants up 33.9% compared with last August, and the number of viewings up by 18.5%.
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Comments
Mark Carney was head of Canada's Central Bank and oversaw arguably the biggest property bubble on the planet. He proved especially adept at distorting the market to stave off a correction, before being poached to head up the Bank of England.
Ahhh, mon ami - back to the HPC insistence that GB plc has been pegging interests low purely to stimulate house transactions. Nothing else.
Meanwhile... in the real world... ;o)
Only kidding. A bit, anyway.
Do you agree that EVERY market benefits from assistance at some point?
And that EVERY market is built upon one set of principles - supply and demand? Without both, you have no market. And it is the reason for the demand that changes between markets.
And when either lag behind, then someone or something generally steps in to address the balance.
But don't worry, our (Canadian - someone want to explain THAT one to me...?) Bank of England Governor will sort any anomalies in the housing market - at least that's what he threatened on telly last night...
"the market does what the market does"
When it's allowed to function as a market you mean?
rant - I have no doubt that there are SOME places where prices are falling (and some of them probably in certain parts of the capital - but no-one will ever admit to that of course...), but let me give you a view from the Frozen North in the hope of balancing the scale somewhat.
My office is over 20% up on sales agreed in the last 3 months against same period last year. As far as prices are concerned - as you know I am always reluctant to state what prices are doing as you are never comparing apples with apples... but I must say that things are definitely on the up here (although NOT to the extent that certain potential vendors would have you believe...).
I ain't going to put a percentage on it as I don't think there IS one to quote to be honest - but sales are being agreed quicker on new instructions which obviously has a positive effect on sale price, and some 'old' stock is shifting where only a few months ago we were wondering how much hey would need to be reduced by to effect a sale.
Matey - I've said this to you for a long time - the market does what the market does. There is no defined 'bottom', no 'top' - these are moments in time which by the time you realise, have already passed and are then irrelevant.
We're still around. I've been posting on other threads, seeing no-one was commenting here.
Looking at the Land Reg report out today, not much has changed. Foreign and funny money propping up London and masking falls going on elsewhere.
See for yourselves here: http://www.landregistry.gov.uk/__data/assets/pdf_file/0010/54001/HPIReport20130822.pdf
How this will pan out with Help To Buy mark II kicking in next year remains to be seen. Fundamentals to support these recent price rises seem terrible to me, but the authorities are working round the clock to prevent prices coming down. I'm guessing that international developments will force a change - US interest rate rises are being talked about and the UK will have to follow suit if they do, no matter what Mark Carney wants to happen.
And for the record, there was an EAT article a couple of months back that talked about prices plummeting in regions of the country. I invited several of the more bullish posters to comment and none of them did. Seems they only sing when they're winning...
'Home owner Dan': the man previously known as FTB Dan by any chance?
If so, welcome back!
Come on - you need to fill in some blanks with that post...
I believed them and now have had to pay thousands more to buy, thanks guys.
What has happened to the house price canutes? It was only a couple of months back Rant or Brit claimed I was wrong for reporting this steady rise in prices.
Not so vocal now are they?