Majority of Londoners believe home prices set to rise over the next 12 months

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Majority of Londoners believe home prices set to rise over the next 12 months

Majority of Londoners believe home prices set to rise over the next 12 months

People living in London believe that house prices in the borough of Kensington and Chelsea will rise more in the next five years than any other London area, a new poll shows. The result comes on the back of new figures which showed the average price for a house in London has risen above £500,000 for the first time.

The poll by YouGov asked Londoners which boroughs they believed would rise in value most over the next five years. Some 44% of Londoners put the borough of Kensington and Chelsea in their top three, despite the fact that it is already the most expensive borough, with an average house price of nearly £1.5 million. Next was Westminster, picked by 35% of Londoners, which, in fact, also saw the greatest rise in average house price last year, an increase of 35.6% over 12 months. Some 29% named the City of London followed by Richmond upon Thames which was selected by 20%, Hammersmith and Fulham by 10% and Kingston upon Thames also by 10%.

Overall 77% of people living in London say the average house price will rise over the next 12 months, and an even greater proportion, 83%, think house prices will go up over the next five years. Asked what they think will happen to the average house price in their local area, 74% of Londoners predict it will go up over the next 12 months, while 80% foresee house prices rising in their area over the next five years.

Quote from PropertyCommunity.com : “Which areas in London are considered as prime areas where properties are concerned?”

‘It doesn’t matter if you’re talking about the next year or the next five years, overwhelmingly Londoners believe that house prices will continue to rise in the capital, and that their own house will also increase in value. If house prices are a bubble, a lot of people are going to be caught by surprise when it bursts,’ said YouGov director of Political and Social Research, Joe Twyman.

Londoners were also asked whether the Mayor of London should be given complete control over London property taxes, including council tax, stamp duty and business rates. Half opposed this measure and only a third 32% supported it. Meanwhile, the latest reports from the Chancellors Group of Estate Agents show a positive trend in the number of people looking to buy property in the areas they cover including Oxfordshire, the Home Counties, London and Mid Wales.

The number of new sales applicants registered with Chancellors in April 2013 is up 80% compared to April 2012, and the number of viewings booked is also up by 31% compared to last year. Bookings for Chancellor’s Market Appraisal Service for sellers have seen an increase of 30% and this has translated into an 18% increase on properties coming to the market compared to April 2012.

These figures support the latest Bank of England findings that show the number of mortgage approvals for house purchases bounced back in March as activity picked up in the home buying and re-mortgaging markets. ‘These figures show how our positive start to the year is continuing. We constantly work towards being the market leaders in every area we operate and these results reflect this,’ said Darren Simpson, operations director at Chancellors.

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