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How the looming recession will hit house prices and buy-to-let landlords

The prospect of a recession is looming as economic growth fell for the second consecutive month in April.

Gross domestic product dropped by 0.3pc year-on-year in April, according to the Office for National Statistics. This was below economists’ expectations of 0.1pc growth and followed a 0.1pc fall in March.

The economy is “on course for a sharp contraction”, according to analysts Pantheon Macroeconomics.

A full blown recession is still “unlikely”, it said. But the property market is already at a turning point. Analysts have called the peak of house price growth and demand is disappearing fast.

Mortgage approvals for home purchases fell in April to their lowest level in two years, according to the Bank of England, dropping below the pre-pandemic average for the first time since the 2020 housing market shutdown.

Remortgage activity also fell below the pre-Covid benchmark, which suggests that interest rates have finally climbed high enough to put an end to the race to lock in cheap deals.

Savills estate agents has forecast house price falls of 1pc next year, following 7.5pc growth in 2022. After this will come three years of sluggish growth. Transactions in 2023 will fall by 13pc year-on-year, it said.

Soaring inflation is hitting real take-home pay just as rising mortgage costs are depleting buyers’ borrowing power and the cost-of-living crisis is destroying their ability to save.

Consumer confidence has plunged to a record low, meaning buyers will become nervous of taking on more debt and stretching themselves financially to purchase homes. As the chart below shows, in the past this has been linked to house price falls.

Sarah Coles, of fund shop Hargreaves Lansdown, said: “At this stage, the property market is positively festooned with red flags.”

Yet few analysts are anticipating a house price crash because there is still an extreme shortage of supply, and unemployment is at a record low. But how much could the economic outlook change?

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Will there be a recession?
British GDP rose by 0.8pc in the first three months of this year. But much of this growth was driven by high levels of government expenditure on Covid support measures. Pantheon Macroeconomics, has forecast falling Covid spending will detract a whole percentage point from quarterly GDP growth this spring, bringing a fall of 0.5pc compared to the first three months of the year.

“The risks to our below-consensus forecast that GDP will fall by 0.5pc quarter-on-quarter in Q2 now appear to be skewed slightly to the downside,” said Pantheon Macroeconomics.

The cost-of-living crisis is also taking its toll. “Evidence is now accumulating that the squeeze on real disposable incomes is throttling the economy,” it added.

But it does not expect there to be two consecutive quarters of decline, which is the official definition of a recession.

Yet there are different ways to characterise recessions. On a larger scale, the World Bank defines a global recession as a year in which the average citizen sees a drop in their real income.

This is already happening in the UK. Real regular pay flatlined in October and has since fallen for four consecutive months, according to the Office for National Statistics. In February, real pay was down 1.3pc year-on-year. The Office for Budget Responsibility, the fiscal watchdog, has forecast the biggest drop in real earnings on record this year.

During the global financial crisis, “real” pay fell by 1.5pc. This corresponded with an 18pc drop in house prices, according to Nationwide building societ

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The cost of living crisis will hammer the rental sector
There is a risk that unemployment will rise, and this will hit lower income households first. This would bring a spike in tenants falling into arrears.

Neal Hudson, of BuiltPlace analysts, said: “It is renters I am most worried about. They were the worst hit by the pandemic, they are worst hit by the cost-of-living crisis, and they spend a higher proportion of their income on their housing costs. We will see the impact in the rental sector first, before the owner occupier market.”

If a large number of tenants fall into arrears, there could be a wave of forced sales from landlords, said Mr Hudson. “They are already feeling quite under pressure. A lot of them are reliant on debt; they are being squeezed by higher mortgage rates and by growing regulatory pressures.”

Landlords catering to lower income tenants will be most exposed, said Mr Hudson. Many of these places are also the areas in the North and Midlands that have seen huge buy-to-let investment over the last five to 10 years because low house prices have meant investors can achieve much higher yields than in London and the South.

“On paper, the yields in these places might look good, but when they factor in void periods and non-payments things will be pretty precarious,” said Mr Hudson.

Jumps in repossessions trigger house price falls
Forced sales, when homeowners have to accept discounts to sell fast, are one of the biggest drivers of house price falls. These are caused when people are no longer able to keep up with mortgage repayments, for example after losing their job.

The Centre for Economics and Business Research, a consultancy, has forecast that mortgage repossession claims will surge by 50pc by the end of this year. Over the next two years, they will jump 150pc; by 2024 it will be at the highest level since 2014, when the numbers were still inflated in the wake of the financial crisis.

But this anticipated jump is still small on a historical scale and analysts do not expect repossessions to escalate dramatically – partly because the value of lenders’ portfolios will suffer too if they enforce mass repossessions.

‘Stagnation rather than a crash’
Mr Hudson said: “The big thing the regulators and lenders learned in the early 1990s is that they want to avoid big numbers of repossessions and forced sales. They have a lot of flexibility and capacity for forbearance for existing homeowners. That is why I think we are looking at house price stagnation rather than a crash.”

But rising rates mean many homeowners may be pushed to sell up without being forcibly repossessed.

Ross Boyd, of mortgage comparison website Dashly, said: “There is going to be a remortgage crunch.” Many people are used to paying 1pc interest on their mortgages and will get a shock when they remortgage and find that rates have more than doubled, said Mr Boyd. Some will find they can no longer afford the repayments.

“It is starting now. The number of two-year fixed-rate deals that will expire in June is enormous because so many people bought from the summer of 2020,” said Mr Boyd.

By Melissa Lawford

Source: msn

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Bank of England expected to hike interest rates but will it cause house prices to fall?

The housing market will almost certainly be hampered by this week’s expected increase in interest rates from 1%.

Economists are forecasting that the Bank of England will raise interest rates by a quarter percentage point on Thursday, although some do not rule out a rise of half a point — taking rates to 1.5%.

The Bank is under growing pressure to tame inflation, which is currently running at its highest level in 40 years at 9%.

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An interest rate hike would represent the fifth consecutive increase by the financial institution and could, according to some analysts, including Laith Khalaf, the head of investment analysis at AJ Bell, increase the risk of recession.

Khalaf said: “By raising interest rates, the bank is putting the brakes on an economy that is already slowing of its own accord. That risks the economy stalling, or worse, going into reverse.”

Mortgage brokers forecast that increased borrowing costs will almost certainly slow demand for property, and in turn cause property price growth to slow.

“The expectation is that you’ll see a slowing in price growth or even a flattening off,” said David Hollingworth of London & Country.

Buying agent Henry Pryor agreed that the rate hike would cause the market to slow.

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“It will dampen enthusiasm but it won’t cause prices to fall. House price inflation this time next year will be two per cent rather than five per cent,” he told the press.

“Demand always exceeds supply, even when house prices historically fall,” said Pryor. “The average estate agent’s office today has about 20 houses for sale but nearly 400 buyers on their books.”
Pyror predicted that in five years house prices will be at their current levels, as the market peaks before declining.

“Lenders will find it very difficult to make money more readily available, or cheaper to borrow going forward,” he added.

Zoopla’s latest House Price Index shows that property price growth hit nearly 8% in January. But the housing market is now at a ‘turning point’, according to Gráinne Gilmore, the portal’s head of research.

By Marc Da Silva

Source: Property Industry Eye

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Agents urge government to do more boost housing supply, including ‘targeted stamp duty exemptions’

The prime minister’s housing announcement last week will do little to boost the supply of much needed housing.

Boris Johnson, keen to repair his fortunes after a bruising Tory revolt against his leadership this week, unveiled plans to make it easier for people to buy their own home.

Johnson’s intention to extend Right to Buy and allow housing association tenants to buy their properties at a discounted price has provoked a mixed property industry reaction.

Crucially, he scrapped a manifesto pledge to build 300,000 homes a year, which will almost certainly have a negative impact on the supply of much needed housing coming onto the market.

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Eleanor Bateman, policy officer for Propertymark, said: “Sales and lettings agents do not have enough homes to meet demand from buyers or renters. What they needed to hear from the Prime Minister was more detail on how his government intends to ensure the planning system is geared up to boost new supply.

“The Prime Minister talked about unlocking small publicly-owned development sites, converting agricultural buildings and supporting self-build schemes – but these are simply not going to deliver the number of houses we need on the ground to cope with demand.

“Making it easier for people to save for a deposit or to get a mortgage as part of his Levelling Up agenda will have little value if there are not the houses available for them to buy.

“But it’s not just about ramping up building. We think more could be done to maintain the turnover of existing homes, such as incentivising right-sizing through targeted stamp duty exemptions, something that could be further facilitated through policies that deliver more suitable homes for older and disabled people.”

On the mortgage review, Nathan Emerson, Propertymark CEO, commented: “We welcome the Prime Minister’s promise to review the mortgage market, as with rising interests rates many first-time buyers and current homeowners will continue to need support to access finance.

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“However, as well as reviewing lending options, the UK Government should consider what it can do to encourage sustainable routes to homeownership, such as extending the Help to Buy Equity Loan to the second-hand market and re-opening the Help to Buy ISA.

“Fundamentally, the UK Government must increase the supply of housing and incentivise movement in the housing market so that alongside access to finance, prospective purchasers have something to buy.”

By Marc Da Silva

Source: Property Industry Eye

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Low stock continues to shrink the gap between asking and sold prices

The gap between the expectations of buyers and sellers in the UK property market has narrowed to a record low, according to the latest market analysis from London lettings and estate agent, Benham and Reeves.

Based on data from the top four existing indices, the research looks at where the average house price sits overall when taking into account mortgage approved house prices from Halifax and Nationwide, seller expectations via the Rightmove House Price Index, and sold prices from the UK House Price Index.

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It also highlights how the gap has changed between buyers’ and sellers’ expectations, as well as asking price and actual sales price, on a quarterly basis across London and the UK.

Current property values

Based on a geometric mean of all four existing data sets, Benham and Reeves put the current average UK house price at £296,406 for the first quarter of 2022, up 2.6% on the previous quarter and 10.4% annually. In London, the current average is £562,146 having climbed 1.8% quarter to quarter and 6.3% in Q1 on 2021.

Market gap between mortgage approval price (buyers) & asking price (sellers)

Despite a hat trick of base rate increases from the Bank of England during the final quarter of 2021 and the first of 2022, mortgage approved house prices via Nationwide and Halifax climbed by 2.7% on a quarterly basis.

At the same time, the average asking prices also climbed for the fourth consecutive quarter, although at 1.7%, this rate of growth was more muted.

This means that the gap between what buyers are prepared to pay (£269,769) and what sellers are hoping to secure (£348,129) has reduced to just 29%, the smallest gap recorded since Benham and Reeves began their house price index in 2018.

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In London, the average mortgage approval price also increased by 2.2% on a quarterly basis, with asking prices up 1.3% on the previous quarter.

This means that the capital’s sellers remained less expectant compared to the wider UK market, with the gap between the average mortgage approval price (£518,333)and the average asking price (£653,333) sitting at just 26%.

However, as with the UK overall, this is the smallest gap between buyer and seller expectations recorded in the London market since the Benham and Reeves Index began in 2018.

Market gap between asking price (sellers) & sold price (buyers)

During Q1 2022, the gap between the asking price expectations of UK home sellers and the price paid by the nation’s buyers fell to its lowest on record. With the average buyer paying £277,287, home sellers were having to reduce their asking price (£348.129) by just -20.3% in order to secure a sale. This is undoubtedly due to the severe lack of stock available on the market causing many buyers to offer above and beyond what they may have otherwise, simply to secure themselves a property.

Across London, the gap between the average sold price (£524,570) and the average asking price (£653,333) fell to just -19.7% during the first quarter of 2022. This was also the smallest gap between seller expectation and buyer intent recorded by Benham and Reeves since 2018 bar just one. During the first quarter of 2021, this market gap had closed to 19.5%, the only time it has been smaller than it currently is.

Marc von Grundherr, Director of Benham and Reeves, commented: “Despite a string of interest rate hikes, UK homebuyers continue to make hay while the sun shines, with mortgage approved house prices climbing yet again in 2022.

“At the same time, asking prices have also increased but they haven’t done so with the same gusto. As a result, this continued optimism from the nation’s buyers means that the gap between what they are borrowing and the notoriously ambitious asking price expectations of UK sellers is now at its smallest since we began our records back in 2018.

“But while buyers continue to swamp the market at mass, the challenge facing them is a severe lack of available stock and this is having a notable influence on the market reality gap between asking prices and sold prices.

“Sellers will always overprice when entering the market in order to leave a little room to do the dance during the negotiation stage. Although they continue to do so, they are finding that buyers are willing to come up that bit more than they previously have in order to secure a property.

“This has caused the gap between asking prices and sold prices to narrow to its lowest on record.”

Source: Property Reporter

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Housing supply rising faster in rural markets with 19.2% increase in new listings

After months of low supply in the UK housing market, the number of listings is finally starting to rise, according to new data from Knight Frank.

Late into the spring market, supply is picking up as economic jitters mount and a belief grows that house prices may be peaking.

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Listings have been low since the end of the stamp duty holiday last September as owners hesitated due to a lack of purchase options. The result was a vicious circle of low supply that led to double-digit house price growth, spurred on by low mortgage rates, savings accumulated during the pandemic and the so-called ‘race for space’.

However, as stock levels increase it is not a uniform process across the country, data from OnTheMarket shows.

There was a 19.2% increase in the number of new listings between January and April this year in England and Wales. However, while there was an increase of only 5.7% in London (the smallest rise), the number of new properties listed for sale in Wales jumped by a third.

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The disparity reflects how supply is building more quickly in rural rather than urban markets.

The 20 local authorities that registered the biggest increase in supply over the period were, on average, classified as 55% urban. For the bottom 20 areas (where supply fell), they were classified as 92% urban on average.

James Cleland, head of the country business at Knight Frank, commented: “I suspect it is a hangover from last year when so many rural owners didn’t list their house as they didn’t think they would be able to find anything to move to. What was a vicious circle is becoming a virtuous circle as higher levels of supply leads to more stock coming on.

“A stronger sense of seasonality in more rural areas will have contributed to supply rising more quickly in the first few months of the year. It’s also likely that in urban centres like London, sellers are less motivated by concerns over peaking property prices after weaker growth during the pandemic.”

By Rozi Jones

Source: Property Reporter

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UK Housing Market Slowing After Prices Hit Record High

The average price of a UK home has topped £250,000 for the first time, but the proportion of sellers applying discounts to properties is increasing, according to an index.

Typical property prices hit £250,200 in April but the pace of price growth is slowing, Zoopla said.

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House prices increased by 8.4% in the year to April, cooling down from 9% growth in March.

Zoopla said it expects the rate of house price growth to slow further, to 3% by the end of the year.

It said that since the second half of April, around one in 20 properties have had price reductions of 5% or more – an increase from one in 22 properties with reductions during the previous month.

Where prices are being cut, the average reduction is 9% – and when applied to the average home value, this equals a price reduction of around £22,500.

Sellers are also waiting slightly longer typically to achieve a sale, Zoopla said.

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Outside London, the average time between a three-bedroom house being listed for sale and a sale being agreed increased from 16 days in March to 18 days in April. In London, this average figure increased from 17 days in March to 21 days in April.

Buyer demand for properties however continues to outweigh supply.

Demand is currently 61% up on the five-year average, while the supply of homes for sale is down by 37% on this measure, Zoopla said.

Grainne Gilmore, head of research at Zoopla, said: “High levels of buyer demand mean that the market is still moving quickly, but the time to sell – the time taken between listing a property and agreeing a sale – is starting to rise across most property types in most locations.

“We expect that this measure will continue to rise during the rest of the year as buyer demand levels start to fall, punctured by changing sentiment around the cost of living and personal finances.

“Another signal that the market is starting to soften is the number of properties where asking prices are being cut by more than 5%.

“Some one in 20 properties has been re-priced this month, with the average new asking prices some 9% below the original.

“The annual rate of price growth will ease this year – on a monthly basis, price growth has already moderated.

“A continuation of this trend, even with some small monthly declines, means price growth will reach 3% by the end of the year.”

Vincent Dennington, director at estate agent John D Wood & Co, said: “We are starting to see more and more price reductions on property portals, which is perhaps an early indication that the market is slowing down.

“However, this may also be a sign that properties have been initially overpriced and are not achieving any interest from potential buyers; therefore needing to be adjusted correctly to ensure a reduction generates new interest and ultimately offers.”

He added: “Currently, the market remains buoyant enough that should a property come to market competitively priced, it is likely to create a multi-bid scenario, resulting in final offers going over the guide price.”

By Vicky Shaw

Source: Bloomberg

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Cornwall replaces London as most searched location to live

Cornwall has replaced London as the most searched for location to live, according to data collected by Rightmove.

Rightmove registered over five million searches in a month in February 2021 for properties within the county of Cornwall.

The property portal suggests that people are seeking the countryside, coastal towns and villages to move to following ‘stay at home’ restrictions.

Dorset has also risen up from position 20 to position 10.

Six of the top 10 locations noting the largest rise in buyer searches over the past year have been in Cornwall and Devon.

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The village of Stithians in Cornwall has risen by a 224% on this time last year.

When looking at the second half of 2020 annual sales agreed grew by 69% in rural areas, compared to 49% in urban areas as more people looked to escape to the country.

Looking by number of bedrooms, five-bed detached homes have seen the biggest jump in sales being agreed, up by 38%, followed by four bed properties, up by 26%.

Rightmove outlined that this is also a likely result of the temporary stamp duty holiday savings being largest for more expensive homes.

The data shows that there has been a shift in more people who currently live in a city enquiring about a property that is outside of that city.

The biggest shift has been in London where this time last year 39% of Londoners were enquiring outside of London.

This has jumped up to 52%, and the trend is the same across all 10 of the biggest cities in the UK.

According to Rightmove, a year ago the most sought after property type for tenants was a two bed flat, and this has been replaced by a two bed semi-detached house, due to the desire for more space and a garden.

Asking rents over the past year vary dramatically, with double digit growth in some towns and suburbs, compared to double digit declines in areas of London.

Tim Bannister, director of property data at Rightmove, said: “The stand-out trends over the past year have been increased demand for countryside and coastal living, more people making the dream of a detached home a reality, and the increased appeal for a garden.

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“The huge population of London means that traditionally it’s the most searched for location on Rightmove, but the appeal of the coast and the countryside over the past year has seen Cornwall crowned the new capital this year.

“More space has always been the most common reason for people moving home, but the evolution for many from balancing their laptop on the end of a bed last March to making an office a permanent addition to a home, whether that’s by converting a bedroom, garage or garden shed, has led to a need for even bigger homes than before.

“This is evident with five bed detached homes seeing the biggest growth in sales, and two bed homes becoming the most sought after for people renting.”

By Jake Carter

Source: Mortgage Introducer

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London’s Islington leads the way on house price growth

Prices in London’s Islington surged by 13.4% to £727,922 in 2020, making it fastest growing area in the UK, Thirlmere Deacon analysis of Halifax data has found.

A number of other areas in Greater London also recorded strong rises, like Croydon (10.9% to £397,538), Hounslow (9.1% to £523,659) and Romford (7.6% to £391,000).

Outside London the biggest mover was Leeds, which had the country’s second-fastest rise, a whopping 11.3% to an average price of £247,116.

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Stuart Williams, founder and chief executive of Thirlmere Deacon, said: “Over the past 24 months, the UK property market has endured changing economic and political climates and remains to be incredibly resilient.

2019 brought political uncertainty and Brexit lingered over the UK, after the decisive election result in December 2019 the property market began 2020, with relative optimism and the ‘Boris Bounce’ triggered activity.

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“As the pandemic took hold and the UK entered lockdown, the property market was effectively put on pause though a limited number of transactions completed and off plan purchases were agreed during this time.

“Upon reopening in mid-May the UK property market saw pent up demand unleashed which has driven price growth upwards – every region in the country recorded an increase in house prices in 2020.”


Source: Property Wire

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Merton leads London house prices higher as buyers seek space

House prices in the south-western boroughs of Merton and Sutton rose at the fastest pace in London in the year to July as buyers looked for more space during the coronavirus pandemic, according to exclusive analysis by property website Zoopla for City A.M.

Prices barely budged in the borough of Hillingdon on the western edge of the capital and in Enfield in north London, however, reflecting the uneven effect of Covid-19 on the city’s property market.

Zoopla’s new analysis of its latest house price index showed that prices jumped 3.2 per cent in Merton the year to July and 3.1 per cent in Sutton. That was well above the UK average of 2.5 per cent.

In joint third place were Newham in east London, Haringey in north east, and Wandsworth in south west, where prices climbed 2.7 per cent.

Grainne Gilmore, head of research at Zoopla, told City A.M.: “We have seen rising demand for three-bed homes and larger houses in London. And the availability of this type of stock, across a wider range of price bands, is reflected in these locations.”

Stamp duty holiday boosts London house prices

UK house prices have soared to record highs in the wake of the coronavirus lockdowns, even as the country’s economy suffers its worst year in memory.

Pent-up demand – which accumulated while the property market was frozen in April and May – and the government’s stamp duty holiday have massively boosted the market.

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Zoopla said the stamp duty holiday, which raised the payment threshold to £500,000 until March, had lifted London sales by 27 per cent. Yet its analysis showed that the effect on the capital’s housing market has been uneven.

Hillingdon and Enfield were the least desirable for new buyers over the last year. Prices rose just 0.3 per cent and 0.4 per cent respectively.

Gilmore said: “While we are seeing demand outstrip supply in many areas, putting upward pressure on prices, this is happening to different extents in different localities.”

Harrow saw the third smallest rise with 0.9 per cent growth. Ealing was next with one per cent growth and Bromley had the fifth-smallest increase, of 1.1 per cent.

“We are also seeing the effects of a ‘one-off’ shift after lockdown, with demand from households who have reassessed how and where they want to live,” Gilmore added.

Analysts and estate agents have reported that buyers are looking for gardens and properties near parks, as well as more space.

Kensington and Chelsea the priciest borough

London house prices on average grew by 2.4 per cent in the year to July. It outpaced other areas in the south of England such as the south east, which saw 1.2 per cent growth.

However, regions in the north of England achieved the strongest growth. Yorkshire and the Humber and the north west both saw prices increase 3.2 per cent.

The price discrepancy between London’s different areas remained huge in July, Zoopla’s data showed.

In Kensington and Chelsea, where prices grew two per cent in the year to July, the average house cost £1,170,700.

Westminster was the second-most expensive, with the average property worth £955,000. House prices grew 1.8 per cent over the year in the borough. The City of London, where prices climbed 2.2 per cent, was third with an average price of £786,400.

Barking and Dagenham was the cheapest borough, with the average house costing £293,000. Bexley was second cheapest, at £344,700, while Havering came in third, at £366,800.

What happened to house prices in your London borough?

London boroughCurrent priceQuarterly changeAnnual change to July
Merton £507,4890.8%3.2%
Sutton £394,2400.3%3.1%
Newham £374,6990.7%2.7%
Haringey £512,1140.3%2.7%
Wandsworth £626,2500.7%2.7%
Lambeth £525,4740.7%2.6%
Waltham Forest £445,1100.8%2.6%
Croydon £375,7490.9%2.6%
Havering £366,7960.8%2.5%
Barking and Dagenham £293,0380.8%2.5%
Southwark £487,8770.5%2.5%
Greenwich £376,6450.3%2.4%
Lewisham £413,8030.3%2.4%
Islington £602,6250.4%2.4%
Kingston upon Thames £515,1660.9%2.3%
Hackney £528,1780.8%2.2%
City of London£786,376-0.1%2.2%
Hammersmith and Fulham £715,2140.3%2.1%
Kensington and Chelsea £1,170,6620.3%2.0%
Tower Hamlets £460,5190.8%2.0%
Richmond upon Thames £698,0550.3%1.8%
Hounslow £424,0550.3%1.8%
Westminster £954,9910.1%1.8%
Redbridge £425,180-0.3%1.7%
Bexley £344,6880.7%1.7%
Brent £485,7500.2%1.4%
Camden £722,3230.1%1.4%
Barnet £537,8900.1%1.3%
Bromley £460,2430.5%1.1%
Ealing £477,3890.1%1.0%
Harrow £471,8930.5%0.9%
Enfield £403,0360.8%0.4%
Hillingdon £412,708-0.2%0.3%

Source: Exclusive Zoopla house price index analysis for City A.M.

By Harry Robertson

Source: City AM

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Housing market booms since the UK lockdown

THE UK’S housing market has experienced a boom since the country went into lockdown.

The housing market is ‘incredibly busy’ across the Cumbria region with buyers seeking to find more space, says conveyancing specialist Adkirk Law.

Linda Kirk, director of conveyancing, said: “We are seeing the move to more space inside and outside of a property as a priority for many of those buying or seeking to buy. The benefits of the stamp duty holiday, added to the experience of coronavirus, seems to be fuelling the trend in all regions.

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“People are also looking for property with enough space to be able to work from home in the new way businesses are looking to the future.

“The north west market is certainly buoyant, and people are also realising how much more property and space they can buy in the region than in the south.”

Farrell Heyworth Barrow In Furness’s manager Louise Stewart said: “The market is certainly getting busier. There’s a bubble that’s been created by the lockdown. It’s happening across the board. We still have local investors, but many people who have been living with mum and dad and seem to want to move.”

By Luke Jarmyn

Source: In Cumbria