London estate agents continue to profit
Estate Agents - 29/11/2006 16:20:50
Estate agents in London and the south-east are still profiting as house prices in these areas continue to rise faster than the rest of the UK.
Figures released this week show that the capital's booming property trade has pushed up the average house price by 1.6 per cent, according to the Land Registry.
Those purchasing a home in London will now have to fork out an average of £309,432 compared to the average price countrywide of £171,709.
The capital has also been recently cited as a profitable city for buy-to-let investment despite the cost of a property in the north being nearly 50 per cent of that in London.
Kelvin Davidson, property economist for Capital Economics, said: "Well, [the south] has historically had more favourable demographics and even now most of the immigration in the UK starts in London.
"So you've got support, at least from the rental sector, for a start, which supports buy-to-let and by extension house-prices. But eventually they may find it cheaper to move up north."
Last month, only house prices in the east Midlands saw a fall, with the average cost of a home lowered to £137,708 - 0.3 per cent less than recorded in September.
If you are buying or selling a property you can get advice from estate agents who can be found on our online listings.