"ROAD MAP" to Future Property Prices?
COMPARING
The Previous Cycle... and The Current Cycle
Yr./Mon Gr.Lond %Peak ... Yr./Mon Gr.Lond %Peak
1983.12 £41,168 39.12 ... 1998.12 £110,787 45.33
1984.12 £46,986 44.65 ... 1999.12 £142,233 58.19
1985.12 £55,568 52.80 ... 2000.12 £153,454 62.78
1986.12 £69,438 65.98 ... 2001.12 £179,546 73.46
1987.12 £85,356 81.11 ... 2002.12 £213,957 87.53
1988.03 £90,374 85.88 ... 2003.06 £212,824 87.08
1988.06 £96,334 91.54 ... 2003.12 £232,679 95.20
1988.09 102,422 97.33 ... 2004.03 £239,439 97.97
'88.12 105,234 100% P '04.06 £244,411 100% -Peak-
1989.03 104,963 99.74 ... 2004.09 £242,797 99.34
1989.06 102,476 97.38 ... 2004.12 £241,778 98.92
1989.09 £99,133 94.20 ... 2005.03 £241,918 98.98
1989.12 £96,193 91.41 ... 2005.06 £238,950 97.77 Qtrly:-£2968 -1.1%
1990.03 £96,474 91.68 ... 2005.09 £247,926 101.4 Qtrly:+£8976 +3.8%
1990.06 £94,125 89.44 ... 2005.12
1990.09 £91,857 87.29
1990.12 £93,540 88.89 ...
1991.03 £91,091 86.56
1991.06 £90,188 85.70 ... 2006.12
1991.09 £88,085 83.70
1991.12 £86,672 82.36 ...
1992.03 £83,349 79.20
1992.06 £80,497 76.49 ... 2007.12
1992.09 £79,224 75.28
1992.12 £76,605 72.79 ...
1993.03 £75,832 72.06
1993.06 £76,480 72.68 ... 2008.12
1993.09 £76,677 72.86
1993.12 £76,439 72.64 ...
1994.03 £77,851 73.98
1994.06 £77,703 73.84 ... 2009.12
1994.09 £78,015 74.13
1994.12 £78,018 74.13 ...
1995.03 £78,194 74.30
1995.06 £77,742 73.88 ... 2010.12
1995.09 £76,946 73.12
1995.12 £77,203 73.36 ...
Prices dropped 27-28% over three years from the peak
and stayed there another 2-3 years.
= = =
Standardised Average House Price in the Greater London (seasonally adjusted) £247,926
The Olympic factor has already helped house prices to appreciate in the East End. In Hackney, house prices have risen by 18% over the past year, the strongest growth in the Capital.
The average price of a house in Greater London is currently £247,926, compared to the UK average of £166,074.
House prices in Greater London rose by 3.8% in 2005 Quarter 3. This was the first quarterly rise since the second quarter of 2004.
The annual rate of house price inflation in Greater London is now 2.1%, while the UK average is 3.0%. Over the past ten years house prices in Greater London have risen by 222%.
Tower Hamlets (14%) and Lambeth (11%) have been the other strong performers in London over the past year.
John Coupe, Regional Manager, Halifax Estate Agency, comments:
"There has been a modest improvement in the housing market in the Capital. House prices rose in London last quarter, the first increase in more than a year. The recent interest rate cut by the Bank of England has added some confidence to the market, while continued growth in employment has also been a positive.
East London has seen the firmest house price growth in the Capital over the past year. Its relative affordability, along with the successful Olympic bid have led to added buyer interest, particularly in and around Hackney and Tower Hamlets."
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