House price growth in London falls to just 1.5 per cent

 
Helen Cahill
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House price growth has been slowing in the capital over the past year (Source: Getty)

The average house price in England and Wales has tipped over the £300,000 mark, but house price growth in the capital is lagging far behind the rest of the region.

Read more: What the General Election means for house prices

The average house price in England and Wales went above £300,000 for the first time in March, rising from £299,846 to £301,278, an increase of 0.5 per cent. Annual growth came in at 3.3 per cent, according to the figures from LSL.

Growth in London was under half that figure, with house prices rising by just 1.5 per cent year-on-year.

The city remains divided, however. The average house price in Camden fell by 6.5 per cent in February, to £1,012,081. But in Haringey prices rocketed 19.6 per cent, and came in at an average of £674,979 in February, up from £564,291 a year before.

Read more: Revealed: The London boroughs where house price growth is still above 20pc

Oliver Blake, managing director of Your Move and Reeds Rains estate agents, said: "There is little in the short-to-medium term that will disrupt the market greatly, with interest rate increases seemingly on hold, mortgage supply and pricing remaining favourable and consumer confidence strong.

"In addition, first time buyer numbers are up, not least as a consequence of government schemes and the 'Bank of Mum and Dad'."

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