December 21, 2015
Hometrack: London leads price rises
House prices in London have jumped by £52,900 in the past year to an average of £449,800 despite recent evidence that the capital's housing market is slowing down. Hometrack said that the fastest rate of growth in the 12 months to November was in London, at 13.3%. Its House Price Index for 20 big cities in the UK recorded annual house price growth of 10.1%, pushing the average house price to £228,800. This growth was driven by a chronic shortage of homes for sale. The average income needed to afford a home in a UK city, with a 76% mortgage at a borrowing rate of three and a half times income, is £49,700, up from £45,200 last year.