London property market continues to grow

The latest figures from the Land Registry paint a good picture for the housing market in the UK capital.

According to the data, the average house price in the UK rose by seven per cent so far this year compared with 2009, with London leading the way with its fifth monthly increase in property prices.

Property investors may be interested to know that the boroughs of Kensington and Chelsea were the beneficiaries of the largest growth with prices rising 17.5 per cent last month.

Simon Rubinsohn, the Royal Institution of Chartered Surveyors chief economist, told Property Wire that the increase was consistent with the current housing situation.

"The year-on-year gain in house prices continues to accelerate and now stands at seven per cent. The report does, however, note significant regional variations," he added.

Mr Rubinsohn went on to claim that the removal of stamp duty for first-time buyers, announced in the budget last week, will help to fuel demand for houses and could continue the upward trend in prices.

Earlier this month, a survey by the consultancy CB Richard Ellis Group found that a significant majority of investors would be looking within the UK for property investment opportunities this year.

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