Property in London rose by 5% compared to 2007, when the country experienced a surge of activity in the property market. At the same time, UK rates were 9% below the maximum level. In the summer of 2013 you can buy a house in the British Isles for around €197,000, while in December 2012 it cost about €189,000. The rise in prices for the six months amounted to 4%.
London property can be purchased for an average of €371,000, 5% above the pre-crisis level and two times more than the cost of housing across the country, reports The Guardian.
Jonathan Hopper, managing Director of the agency Garrington, noted that a similar level of prices in the capital was not surprising. The real estate market in London works on its own rules and is separated from the rest of the country.
Howard Archer of IHS Global Insight, in turn, said that further price increases can not be expected, because the economic situation is still very uncertain.