House prices of ‘new London homes soar’
Mortgage holders looking to buy property in London may want to steer clear of purchasing new homes in the capital following the release of new figures today.
While the cost of property on the whole in London has dipped, new homes have seen considerable increases, property portal Smartnewhomes.com has revealed.
The average price of a new home in the city stood at £411,981 in December, an increase of 21.6 per cent from the £358,180 price tag demanded just two months earlier in October, the firm stated.
"London was the only region to see such huge increases," chief executive of the website Dave Bexon said.
He added that the city is creating a "market of its own".
Fool.co.uk's head of personal finance David Kuo remarked earlier this week that the average single first-time buyer in the capital may need to spend ten times their salary in order to afford a home.
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