It has been revealed that London is the UK city where the price of housing has made the best recovery after the financial crash of a decade ago.
An estate and lettings agency based in the capital, Benham and Reeves discovered this while researching comparative housing costs by location in the UK. The average price of a home within the City of London is now actually higher by a massive 89% than it was before the crash happened in 2008. At its peak pre-crash level, the average price was £474,000, whereas by September of this year it had hit £898,000.
What makes this more remarkable is that it has come in the midst of the chaos that the Brexit process is creating, but it also means a mortgage for a home in this area is harder to afford than ever.
Benham and Reeves director Marc von Grundherr stated that it showed London was the area that was enjoying the best rebound from the crash, but that the firm’s research had also found that the South East of England in general was recovering better than other UK areas.
Other London districts have also seen major house price increases, such as Lewisham, Waltham Forest and Hackney, while Cambridge is the city outside the capital with the highest increase and there has been an overall rise of 23% throughout the country.
The rising cost of a home means that mortgage advisors who have done CeMAP training courses need all of that knowledge to guide borrowers towards an affordable deal.