London property sees further price hike

Posted: 08 May 2007 10:52:01 GMT

The average price of a house in London has increased again, according to data released from haart estate agents.

The average price of a house in London has increased again, according to data released from haart estate agents.

In April, the price of property in the capital rose from £262,989 to £264,636, a 0.6 per cent gain from the previous month.

Furthermore, haart claims that the market is buoyant as sellers look to do business before the introduction of home information packs (Hips) in June.

The main trend is that supply is giving buyers more choice and therefore pushing up the price of houses that are not competitively priced, haart says.

Chief executive at the estate agents Paul Smith said that further fears of interest rate rises were not dampening the market.

"Confidence in the market remains high despite expectations of a further interest rate rise at the beginning of May. With increasing numbers of sellers putting their property on the market to beat the introduction of Hips on June 1st, the supply and demand imbalance has been slightly addressed," he stated.

Hips will include contractual documents and other forms such as energy performance certificates and building insurance.


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