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Housing Solicitors

Average London house price now £499,000 (20 August 2014)

Date: 20/08/2014
Duncan Lewis, Housing Solicitors, Average London house price now £499,000

New figures from the Office for National Statistics (ONS) show that house prices in London have risen by 19.3% in the last year to June – taking the average price of a house in London to £499,000.

Escalating house prices have also pushed up rents across London, meaning that many low-income workers have to struggle to afford accommodation in London – or are forced to move outside the capital and commute to work.

However, on the same day that the increase in London house prices was announced, news that rail commuters into central London will also face a 3.5% increase in fares in the New Year was also announced.

There have been signs that the housing market in London and the southeast may be cooling – online estate agent Rightmove has said that in June property prices fell by as much as 4.7% in some areas of the capital.

Rightmove says that this trend had also continued throughout August, with a fall of around 6% in house prices. It is thought many homebuyers are refusing to be panicked into paying inflated prices for properties in London.

However, first-time buyers are still bearing the brunt of rising property prices, with the average price of a home for a first-time buyer rising from £388,000 to £393,000 according to ONS data.

Duncan Lewis Housing Solicitors

Duncan Lewis is a leading firm of housing solicitors and offer competitively priced conveyancing services to homebuyers.

Duncan Lewis housing solicitors can also advise homeowners on debt management and mortgage repossession

Duncan Lewis has six offices across London and the southeast and is one of the UK’s leading providers of Legal Aid services.

For expert legal advice on housing matters, contact Duncan Lewis housing solicitors on 020 7923 4020.


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