According to Halifax, since September UK house prices have grown at the fastest pace for 15 years. The average home has increased by £20,000 since this time last year.
The quarter to the end of November saw prices rise by 3.4%, the highest quarterly increase since 2006. The average UK home has reached a new all-time high at £272,992. This is due to a shortage of homes on the market, high employment levels, and competitive home lending rates.
House prices have now risen for five-month in succession, including a full 1% rise in November. Year-on-year prices have increased by 8.2%.
In London, the average house price is £521,129, much higher than the rest of the country. I expect this to continue as the capital remains the engine for the UK economy.
If you are interested in acquiring a London property for investment or as a UK base, we are offering a desirable new development in Hayes, West London. It is just 20 minutes by train to Bond Street and 27 minutes to the City.
Hayes Village offers a 4.8% annual rental yield and the capital value is forecast to grow by 21% in just five year.