Growing fears of bubble in London
LONDON’S property market continues to expand into bubble territory at an alarming rate, according to Home.co.uk.
The website revealed that the average asking price of a home in London has broken through the £400,000 barrier for the first time.
An 11.7 per cent annual rise has brought the average price to £400,096, with relentless demand to live and invest in the region driving prices 15.3 per cent higher than when the financial crisis struck five years ago.
Home.co.uk director Doug Shephard said: “Soaring prices may well be welcome news for home owners who see their equity growing, but, on the flip side, they are highly troubling for potential buyers.”