25 March 2013
London homes are being snapped up at their fastest rate since the peak of the housing market in 2007, property website Hometrack said today.
Homes in the capital spent an average of 4.9 weeks on the market in March, the shortest period since October 2007, as prices are buoyed by a lack of supply of homes and increasing demand. London sellers are gaining 95.3% of the asking price, the highest share since the eruption of the credit crunch in August 2007. London’s house prices surged 0.7%, the biggest monthly rise for three years. Hometrack said mortgage guarantees and the Funding for Lending scheme will support prices.
