House prices in London are set to soar to £600,000 in four years time, according to research.
Time to get your foot on the property ladder? If you’re thinking about buying it could be a good idea not to put it off. Recent reports show that in just four years time the average price of a house in London will soar to £600,000 – with prices surging in the UK capital in the year up to November 2013 by some 11.6 percent, according to the Office for National Statistics (ONS). This far exceeds the national average of 5.4 percent.
This latest news shows that London’s house-price-to-income ratio is back at peak levels – rising above other regions where it’s fallen back since 2007. And it seems like this demand is mainly down to a massive lack of supply. Last month nearly 100 percent of houses on the London market reached their asking price and it was revealed that the average home in the UK capital only stays on the market for 2.7 weeks – slashed by more than half since the start of 2013.
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