Real estate professional Nick Millican says the average price of houses in London is up 1.2% in March and 1.6% over the past 12 months. The average price for homes in London now is £519,505. Buyers are continuing to negotiate hard to get better prices as the London property market rebounds. 

Nick Millican said the rising home prices in London reflect the robust market for homes there as more houses become available. Cash purchases account for about 40% of all London home sales. Increasing buyer confidence has impacted house sales.

House Prices Fairly Stable

Nick Millican said throughout the UK house prices are relatively stable. Bargaining by buyers leads to small changes in house prices. London home sellers get an average of £19,500 below the asking price. UK house prices fell by 0.2% in March. Activity is picking up and annual UK property values have increased by 1.6% to £261,142. 

Mortgage approvals were only 15% below pre-pandemic levels in January, Millican revealed. Higher interest rates have negatively impacted the affordability of homes throughout the UK. 

Consumer Sentiment Improving

New buyer inquiries have increased in recent months, Nick Millican adds. Growing income has made homes more affordable. Buying activity is gaining momentum, checked only by high-interest rates.

English house prices are falling by 0.3% in the South and rising by 1.7% in the North, real estate agent Nick Millican explained. Northern Ireland, with prices up 4.6%, is the best-performing area, compared to early 2023. Nick Millican predicts house prices will continue to rise

by about 4% in 2024.