Property values in North London continue to climb

New data reveals that property values in North London increased at a higher rate in May than the previous two months.

The latest house price index from the Office for National Statistics shows property values in the whole of the UK were up 1.1% in May when compared with April.

The upward trend was largely driven by London, where prices climbed 13.6% on the year to reach £472,163.

Data from the ONS – which launched its new index last month after merging its statistics with Land Registry figures – also shows the housing market saw far more sales than a year ago.

In May, sales were up 52% in England compared with the same month in 2015.

However, figures released last week by the Royal Institution of Chartered Surveyors points to sharp falls in both house sellers and buyers.

Using data collected after the result of the EU referendum was announced, a net balance of 45% more surveyors saw a fall rather than an increase in new homes coming on the market during June.

M&M Property points out, however, that surveyors would normally only see properties that have been sold subject to contract (STC), rather than homes coming on the market.

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