New House Price Index Report Underlines Success Of The London Property Market

Finefair have welcomed the new report system which gives accurate information on the value of property in the capital city

Finefair, the trusted and respected name for all property management services in London, have welcomed the launch of the first 'official house price index' during June 2016. The new index marks the first time data from the Land Registry and the Office for National Statistics has been consolidated in order to present a more accurate report. In terms of the content of the report, the index revealed that the value of houses had risen. Whilst this was a widely expected conclusion, the level of increase was higher than anticipated - a fact which took some within the sector by surprise.

The overall conclusion of this first official house price index report was that the price of property had risen by an average of 8.2% across the UK. This figure is a year-to-year measurement, and reflects the recorded growth between April 2015 and April 2016. The report also showed the price changes broken down to a regional level. In this respect, the highest level of property growth value occurred in London.

With the same year-to-year measurement in place, the property price index showed an average increase of 14.5% across London, close to double the national average. The level of increase was even higher in certain areas of the capital, with an increase slightly above 27% recorded for the City of London as the April 2016 figure. Overall, the first comprehensive official house price index has confirmed both the current success possible in the London property market and the potential for further growth.

Thanks to over ten years of service excellence in the city, Finefair was not surprised to see the strong performance figures revealed for London. Their understanding of the market is crucial to all aspects of the property management they offer. Market values have a significant bearing on services ranging from Guaranteed Rent and Council Leasing through to their work as Estate Agents serving the city. Knowing how the market is likely to move has allowed them to build the name and reputation for excellence in service delivery across all aspects of property management.

By Bringing together their data, the Land Registry and Office for National Statistics have presented the most comprehensive and accurate picture of the London property market ever to be made available. Finefair have welcomed this development, as it serves to both show the success of the property market and enables property investors to make more informed decisions.

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Jun 22, 2016