London asking prices accelerate ahead of rest of UK

Landlords, tenants and letting agents requiring a property inventory clerk in central London or hoping to soon be in a position to do so, may be interested in new figures showing a pronounced difference between average asking prices in the capital and those in other areas of the country.

The data from showed that asking prices in England and Wales had gone up by 0.6% in July, and in Scotland, had not changed at all. The big story for many, however, will be the 1.5% month-on-month rise in London’s asking prices and the 12.5% increase over the last year. This compared to 6.2% annual price growth in England and Wales and 3.6% in Scotland.

It all means that someone wishing to purchase a property in England or Wales – whether for buy-to-let or other purposes – can expect to be charged an average of £281,497 and in Scotland, £167,680. The equivalent London figure, however, is £525,145.

Prospective clients of a property inventory in central London may also take into account the property supply situation across the capital and the wider UK when considering additions to their portfolio. There has been a 10% decline over the last 12 months in the supply of property for sale across the country, with the quickest regional market still being the South East, where properties only typically spend 61 days on the market.

While director Doug Shephard said that there had been speculation about an imminent rise in mortgage rates, the UK property market was still enjoying considerable momentum. He said that prices were continuing to be pushed upwards by a combination of buyer demand and insufficient supply, albeit not as fast as last year.

Shephard commented: “The supply crisis is becoming more acute, and July recorded the lowest number of properties entering the market for that month since the onset of the financial crisis. Lack of supply is felt most keenly in London and the East of England, where the volumes of properties entering the market are down 23% and 16% respectively.”

The situation prevailing in the capital of ever-increasing prices, the shortest marketing times in the country and a seller’s rather than buyer’s market will give many a landlord and letting agent food for thought as they also contemplate the best company from which to request a property inventory in London.

Naturally, here at Yellow Oak Inventories LTD, we believe that we are that company, and we take considerable pride in our ability to provide a wide range of clients in the capital with the most professional, complete and impartial inventory service.