London’s housing market back to boom-year levels of activity

Tim Wallace
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DEMAND for houses in London is hitting levels not seen since 2007, according to Hometrack figures out today, while the market in the rest of the country is gradually picking up.

Prices in the capital rose by 0.7 per cent in April while the proportion of properties achieving their asking price broke the 95 per cent level, a point comparable with the boom years.

And while the number of new properties listed in London only rose one per cent, the number of sales agreed jumped 7.1 per cent, underlining the imbalance of supply and demand which is putting upward pressure on prices.

Houses in London are on the market for an average of 4.6 weeks, roughly half the 9.1 weeks nationally and down to levels last seen in October 2007.

Hometrack expects prices to rise further in the near future as the economy begins to pick up, boosting confidence.