Housing Solicitors

New figures from the Land Registry show that house prices in London continue to escalate much faster than property in other areas of the country.

The Evening Standard newspaper reports that property prices rose by 3.3% in July, with the average price for a home rising to £457,072.

The increase is 19.3% higher than house prices in July 2013.

Across the southeast, the average house price had risen to £234,949 by July – representing a 2.7% increase from June this year and a 10.2% increase on last year’s figures for homes in the southeast of England.

Online estate agent Rightmove had reported a slowdown in London house prices in June, with some areas seeing a 4.7% dip in property prices. Rightmove had attributed this to first-time buyers refusing to be panicked into paying over-inflated prices for homes in London.

However, since then the London property market has recovered.

From Nationwide also show that the average rise in house prices across the country rose by 0.8% in July, compared with a 0.2% increase in June. Across the UK, the average price for a home is now £189,306.

Nationwide’s chief economist Robert Gardner told the Evening Standard that the housing market was being “pulled” between low growth in wages and fears over the Bank of England raising interest rates – as well as a shortage of affordable housing and an improved economic outlook.

“The outlook for the housing market looks highly uncertain,” he said.

Duncan Lewis Housing Solicitors

Duncan Lewis housing solicitors offer competitive conveyancing services to homebuyers – and can also advise existing homeowners on debt management and mortgage repossession.

Duncan Lewis is also one of the UK’s leading providers of Legal Aid services and can advise rental tenants on Landlord & Tenant disputes, disrepair of rental property and public sector housing, housing possession, and unlawful or malicious eviction.

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