5 Dec

Property prices in London to rise into 2012

Property prices in London to rise into 2012

The price of property in London will continue to rise in 2012, as the number of properties available will be less than the number of people looking to buy, driving up prices.

According to Ed Mead, director at Douglas & Gordon, the fact that a decreasing number of people are looking to sell their properties while the same number of people are looking to purchase property for sale in London, means that bidding wars could increase what people pay.

"The trouble is that you have got a market which is becoming tighter and tighter with the result that there are a similar number of people chasing a disappearing pool of property – that is not showing any signs of changing at the moment," he said.

Mr Mead went on to say that once people start to see that they have the option to move, the prices will rise again.

Recently, Land Registry figures suggested that London was the only area in England and Wales which had seen an increase in property value over the last year, with prices up 0.3 per cent.ADNFCR-1222-ID-801230121-ADNFCR

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