London property prices have risen 29.5% annually, to an average of £473,500, estate agent group Haart has claimed.
In addition, it reported that UK new buyer registrations rose 18.7% in a single month in March.
Haart said first-time-buyer registrations across the UK increased 44.2% annually and 17.3% on the month as spring prompted surge of new interest in buying.
Paul Smith, CEO of Haart, said: “London is now a country of its own in property market terms with average house prices in the capital up 29.5% on last year. There has been an unprecedented surge in both the number of new buyers, up 32.7% annually, as well as first-time-buyers, up 43.7% annually. Foreign investment continues to flood in – people know that there is no more lucrative place in the world to invest your money and see outstanding returns.
“Growth is spreading like glue across the country too with property prices up 7.4% annually and average first-time-buyer property prices up 9.8% annually. This is because demand and supply remain imbalanced with new properties for sale up 1.8% annually and new buyer registrations up 24.5% annually.
“Open house events are now common place – we hold around 240 every weekend – and often provide the fairest forum for buyers, while achieving an excellent price for the seller.”