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Rightmove reveals average London house price up 3.4 per cent and EU buyers are here to stay

The average house price in London has reached £614,000 according to the most recent house price report released by Rightmove.   

Between January and February property prices in London increased by 3.4 per cent between January and February 2019.  

Westminster and Camden prices increase by 5 per cent 

An attractive exchange rate has encouraged more overseas buyers to invest in London’s housing market, finding sensible prices that are too good to ignore.  In February, boroughs including Westminster and Camden saw property prices go up by 5 per cent.   

City AM said: “The shift away from UK purchases continues the trend of rising demand from foreign buyers since the 2016 EU referendum, before which foreign buyers bought only 40 per cent of homes. 

New research produced by Hamptons International indicates that the number of overseas buyers in the capital is at its highest level since 2013.  

The data reveals that the percentage of EU buyers in central London stands at 19 per cent.  European buyers now outnumber those from the Middle East, from where the level of buyers has declined to 8 per cent compared with 15 per cent in 2017. 

Aneisha Beveridge, Head of research at Hamptons, said: “Undeterred by any Brexit uncertainty, international buyers are looking to take advantage of a weaker pound and seeing now as a good time and opportunity to buy homes across central London. 

New housing stock at sensible prices 

Central London agents are reporting an increase in the number of properties coming to the market as the traditional spring market shows signs of getting under way.  There is also a marked level of investment and buying activity from overseas buyers tempted by a combination of new stock, sensible pricing and value against the pound.” 

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