London drives UK house prices to record

London Terraces

London prime property buyers 'pouring' money into the U.K. capital helped drive the country’s house prices to another record in June, Acadametrics Ltd. said.

Bloomberg News reports that nationally, values rose 0.2% from May and 2.5% from a year earlier, the London-based real-estate researcher and LSL Property Services said in a report Friday.

Prices have now increased for 10 consecutive months on their measure to an average £232,801 ($352,000).

The combination of buoyant international demand for London homes and loosening mortgage availability aided by Bank of England and Treasury measures have stoked prices across a number of U.K. real-estate gauges. Such indexes also mask the divergence between London and much of the rest of the country, where property values are still recovering from the aftermath of the 2008 financial crisis.

“The plethora of attractive mortgage deals on offer is working wonders and wider pools of buyers are flocking to the market,” said Richard Sexton, director of LSL’s e.surv surveyors. In London, 'money is pouring into prime areas from cash buyers and international investors looking to store their wealth in bricks and mortar'.

Hit the link below to access the complete Bloomberg article:

London Drives House Prices to Record as Buyers Flock to Market

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