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Tuesday, July 02, 2013

I smell a property boom

It is starting to whiff a little of a property boom.

But only if you live in London!

Whilst latest figures from the Nationwide show that the average home is up by 4% in value this year.  Prices this month are up by 1.9% compared to a year ago.

Nationwide warns on variations

Nationwide has warned, that rising prices masked “significant regional variations”. It said the gap between house prices in London and the rest of the UK was the widest it had ever been, in both cash and percentage terms.

Only in London

This was borne out by a recent conversation from a London employee of Barratts the home builders.  He informed me that the London market was booming with much of the impetus coming from overseas investors.  The market in London is so hot that even the Battersea Power Station redevelopment which has struggled heavily to get underway has had the entire residential element sell off plan.

It certainly is starting to whiff of a property boom but possibly only if you are living in the 'Big Smoke".

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