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Figures from the Office for National Statistics (ONS) show that in May house prices in the capital rose by £7,000 on average – and over the last year have risen by an average of 20.1% in London.
The average increase in house prices across the UK has also risen from 9.1% the previous year to 10.50% last year, the figures show.
The ONS house price index shows that the average house price in the UK now stands at £262,000.
However, in May the average price of a home in London stood at £492,000.
Critics of the government’s Help to Buy scheme claim that some first-time buyers and homeowners wishing to upgrade under the scheme may have overstretched themselves financially to afford to buy a new home – and may face financial difficulties once interest rates start to rise.
The average rent in London is now nearing £2,000 a month, with even traditionally low-income areas such as Hackney in east London experiencing a huge rise in rents in the private sector.
Duncan Lewis Housing Solicitors
Duncan Lewis housing solicitors can advise rental tenants on a wide range of housing matters, including:
Duncan Lewis housing solicitors also offer conveyancing services to homebuyers – and can advise homeowners on debt management matters and mortgage repossession.
Duncan Lewis is also a leading provider of Legal Aid services.
For expert legal advice on housing law, contact Duncan Lewis housing solicitors on 020 7923 4020.