London property market continues to power ahead according to Land Registry data but is that the who

May 20, 2013 - PRLog -- Data published at the end of April by the UK‘s Land Registry shows property prices in London rising by 9.6% over the last year alone. However, this stellar performance is masking widely varying returns from other parts of the country, according to expatriate property search consultants Expatfindaproperty.com.  For example, values in the North East and North West regions fell by 5.5% and 4.9% respectively over the same timeframe.
Many other parts of the country returned a broad flat performance over the same timeframe, underlining the importance for buyers of knowing their area and understanding the local economic dynamics that may be impacting upon housing demand.
Taking the London market’s performance as an example, the average 9.6% growth reported by the Land Registry masks a wide range of performance variations at individual Borough level and indeed at individual street level. Estate agents have long known that for families, for example, proximity to a good school will drive and underpin values, whilst for the working renter, it is the convenience of commuting links which matters most. Estate agents in Wandsworth, an area offering both good schools and good commuting links, estimate that at any one time they may have three times as many professional sharers on their books looking for accommodation as families, yet both may be chasing the same style of property.
The value of local knowledge is well illustrated by the data on London itself – whilst Boroughs such as Hammersmith, Camden and Wansdworth all returned gains of more than 10% over the year, other areas such as Greenwich managed to grow prices by less than 1%.
International property search consultant Erica Evans comments, “In the more sought after parts of London, such as the South West, West and North West postcodes, we have seen consistently brisk activity levels. As search agents, we believe that many estate agents are still struggling to understand just how strong demand level is, evidenced by the large number of “open house” viewings that are tending to be arranged. These are little more than onsite auctions, where the agent is largely guessing at true demand and price levels.”
Whilst London sales volumes have remained relatively stable at around 8000 per month, this figure again masks widely varying activity levels by price band.  Sales in the sub £250,000 price bracket are falling, whilst those above this threshold all rose.  The most popular price band, however remains £200,000 - £250,000, followed by the £300,000 - £400,000 band.
International mortgage consultants Offshoreonline.org’s managing director Tim Harvey comments, “We are now seeing considerable interest from expatriates who are looking to start or increase their buy to let portfolios, as confidence in the market continues to return.  The Council of Mortgage Lenders, which includes both banks and building societies, has announced mortgage advances approved to home movers grew by 11% during March, with 22,900 loans worth £3.8 billion issued to borrowers across the UK.”
For further information on international mortgages , visit www.offshoreonline.org; for information on UK property search visit www.expatfindaproperty.com