House prices: London's homeowners have made £144,000 on average since 2009
02-22-2015
By Sean Martin
London's housing market boom has meant that homeowners in the capital have made an average of £144,000 since 2009, according to property market analyst Hometrack.
The Hometrack Cities House Price Index showed the average house price value in London has increased by an average of 55% since the market bottomed out in 2009. This represents an increase 22 times greater than Glasgow and 12 times more than Manchester and Birmingham.
Cambridge is the second biggest percentage riser with house prices rocketing by 48.8%, followed by Oxford where homeowners' properties have increased in value by 43.1%.
Richard Donnell, Director of Research at residential analysts Hometrack, said: "While Manchester and Birmingham saw prices bottom out in 2009, growth has been more subdued than in other cities where employment growth has been stronger and the influence of the London economy has been greater.
"Existing homeowners remain reluctant to put their homes on the market, creating scarcity and keeping an upward pressure on prices.
"The outlook for 2015 is a balance between the scale of the affordability driven slowdown in the high value, high growth markets and the continued recovery in lower value markets."
