While the property market across the country has leapt ahead over the past year, London has stood still. Prices in the capital were 0.2 per cent higher in May compared with March 2020, according to the latest Rightmove figures, compared with a 13 per cent increase in Wales and 11 per cent in the North West and Yorkshire and the Humber.
A sense of perspective is essential, however. Average prices are still three times higher in London than in the rest of Britain, and 25 years ago the average house in the city cost a now almost unbelievable £79,000. The Mayor of London’s office estimates that 66,000 new homes will need to be built each year for at least 20 years to meet demand.
Berkeley
