Soaring house prices in London widen gap with the rest of Britain
THE property market chasm between London and the rest of the UK is now at record levels after an average 18 percent jump in the capitals prices.
Though every region now has solid growth, London is racing ahead at twice the national rate of 9.2 percent, according to latest figures from mortgage lender Nationwide.
In a third of boroughs – including Hackney, Hammersmith & Fulham, Islington and Wandsworth – values are now rising at more than 20 percent. In Lambeth, home to hotspots such as clapham and Balham, they have hit 3o percent.
Rory Penn, partner at London estate agency VanHan, said the runway market “is causing more Londoners to stay put rather than make the natural progression out to the countryside, fearful that they will ever afford to buy in London again and further contributing to the shortage of stock for sale”.