London home prices rise around 10% in December

home prices riseAccording to the latest figures released, the housing prices in the British capital, London have risen more than 10 per cent during the month of December.

The increasing prices of homes in London are increasing the gap between housing prices in the south-east of England and the rest of the UK. Latest official figures showed that the London housing prices are rising at a much faster rate than the rest of the UK and creating an large North/South divide in property values.

The average price of a house in London increased at an annual rate of 10 per cent during the month of December compared with a nationwide increase of 3.2 per cent. Data from the Land Registry showed that there was a 1.6 per cent increase over the year in Yorkshire. Prices also rose in East Midlands and the North-West while it fell by 1.6 per cent in the North-East prices.

A survey from Hometrack showed that housing prices have increased in England and Wales by around 4.4 per cent during the year, 2013. The data also showed that the housing prices rise the highest at around 9 per cent in London during the good year for the housing market backed by support schemes from the government and increasing demand. Demand for housing units remained much higher than availability and this pushed up prices across the UK including in southern England.