Andy Sommerville, Director of Search Acumen, comments on the Land Registry House Price Index for March, 2016:
“A slight drop in prices across the country for the first time in a year will provide some relief to first time buyers looking to get on the property ladder, but sadly, London property continues to see huge increases in prices.
“While this spike could be attributed to the surge in buy to let investment prior to the April 1st stamp duty hike, London unequivocally remains attractive to ambitious young people above other cities where house prices are more reasonable.
“Land Registry’s figures reveal a pressing need for more new homes in London. Housing will be the defining issue in next week’s London mayoral election and although both Labour and Conservative mayoral candidates have pledged to deliver new homes for the capital, the pressure will be on the new mayor to take the crisis by the horns.
“Today’s figures come at a time when planning approvals within the capital have been falling, and the spillover of unaffordability has spread to areas around its commuter belt.
Building on Brownfield land cannot be the only solution, and could be exhausted within six years. None of us want to go there, but ‘not in our backyard’ will simply not do anymore – we need to give serious thought to building homes on the Greenbelt around the capital.”
