As London Prepares for Royal Wedding, Home Prices Increase 194% Over UK Average

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As London readies for the Royal Wedding of Prince William and Kate Middleton, London's property values are rising.

According to the Chesterton Humberts/cebr March 2011 House Price Poll of Polls, London house prices are nearly double the UK average price.

The report shows that house prices of the top 20% and the bottom 20% continue to diverge, while the fifth most expensive areas increased 3.4% over the year, whilst the cheapest fifth declined by -5.1%.

To put this in context, house prices in London are nearly twice (1.94 times) the average of that for England and Wales, the March PoP demonstrates. This is biggest difference recorded since 2002

House prices actually increased by 0.2% in the capital between February and March and fell in every other English region. This was equivalent to an additional £818 added to the value of the average residential property in London over the month. In fact, house prices in London have fallen in only four of the last twelve months.

Chesterton Humberts CEO Robert Bartlett said, "What also sets London out from the rest of the crowd is the fact that house prices were higher in March 2011 than they were in March 2010. Over the year, house prices in London have risen by 2.2%, compared to a comparatively steep annual decline throughout the rest of the country. The typical price of a house in London (£338,583) is -3.9% below the highest ever price recorded for the capital as a whole."

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