London flat values rise by £18k

The price of property in London increased by more than £18,000 last month, according to new figures.

In January, the average flat value in areas such as Canary Wharf and Bow rose by 0.7 per cent bringing it up to £284,295 – a rise of £18,599, London estate agents Felicity J Lord found.

Market activity increased as confidence in the market rose and record City bonuses have fuelled the increase in the value of flats in the capital.

"January is usually a busy time of the year for us," said Darren Box, managing director of Felicity J Lord.

"Once the Christmas period is over, we often see a surge of interest as buyers who put off the search in December come back to the market with a vengeance."

Last month, estate agents also saw the number of transactions go up by 19 per cent, while the amount of time taken to sell a flat dropped by an average of four days.

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