London property prices increase further

Asking prices for a home in London appreciated by an average of 3.5% in December despite the fact that the festive season is a traditionally quiet period for the UK housing market, according to data released by Haart estate agent.

Haart report that the average asking price of a residential property in London increased to £(4)307,156 from £(4)302,632 last month, with homes in Thornton Heath, homes in Chigwell and homes in Walthamstow, recording the greatest increases in the capital.

The survey, which reinforces the strength of London property market, also revealed that homes in London are now selling, on average, 12 days quicker compared with the November 2009 with the average completion taking approximately 97 days.

Russell Jervis, managing director of haart, commented: “Overall, the number of properties sold and listed are down because Christmas is a notoriously quiet period for the property market.

“However, the good news is the statistics show a marked increase in the asking price. A 3% increase shows steady and sustainable growth and we anticipate increased stability in the London property market over the coming months. This is good news for those looking to buy and sell property during 2010.”

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