London House Prices Showing Signs of Recovery

According to land registry data, prices in England and Wales stayed steady at £265,000 between October and November 2023. Prices per square metre however did rise by 1.3%. Overall prices were down 6% compared to November last year but only by 2.9% on a per square metre basis. Regionally the breakdown for November 2023 was as follows:

CountryRegionMedian PriceMedian Price/m2MoM Median Price Change%MoM Median Price/m2 Change%YoY Median Price Change%YoY Median Price/m2 Change%
EnglandEast Midlands£220,000£2,756-4.30.0-6.8-1.3
EnglandEast of England£322,750£3,7810.9-1.7-7.1-6.2
EnglandLondon£495,000£6,5832.13.1-4.80.2
EnglandNorth East£137,750£1,8782.08.2-2.75.3
EnglandNorth West£177,000£2,279-1.7-2.0-9.2-5.6
EnglandSouth East£370,000£4,3842.11.0-3.9-3.5
EnglandSouth West£312,850£3,696-1.3-0.5-1.5-0.9
EnglandWest Midlands£220,000£2,828-3.3-0.3-6.4-2.1
EnglandYorkshire and The Humber£195,000£2,5302.63.52.67.0
England & WalesAll£265,000£3,2370.01.3-6.0-2.9
WalesAll£183,000£2,424-1.14.4-6.02.2

London is showing a recovery in house prices as mortgage rates decline, up 2.1% overall for the month and 3.1% on a per square metre basis. The East of England is up 0.9% overall, but down 1.7% per square metre showing that buyers there may be using lower prices as an opportunity to buy larger houses.

Yorkshire and the Humber showed the highest rise at 2.6% overall and 3.5% per square metre month on month and up 7% per square metre compared to November last year.

The North West still seems to be in decline:

Prices overall are still higher than they were before the pandemic, sales however are still down by over 80% compared to last year so it will be some time before the market returns to normal.

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