Further evidence that the British housing market is recovering from the economic slump has emerged, with one of Britain's biggest building societies reporting that annual price growth is now positive in almost all regions.
Nationwide's house-price index for the first quarter of this year suggests real estate prices in Britain increased by 1.6 per cent compared with the same quarter last year. London saw the strongest growth with prices rising 2.5 per cent in the first quarter, and continues to be the best regional performer. Overall, London property prices rose 15.7 per cent over the past year, according to Nationwide.
Nationwide says that over the past four years, London has seen a higher level of annual price growth compared with the rest of Britain. It attributes this to the acute shortage of supply of homes in the capital.
The building society also says that demand from overseas investors is significant in London's property market with investors benefitting from the weak pound.
Property agency King Sturge will host an exhibition at the Landmark Mandarin Oriental hotel today and on Sunday, showcasing a new building development in east London for potential investors.
Matchmakers Wharf is located in the London borough of Hackney, to the northwest side of the 2012 Olympic Park in Stratford, and potentially is a prime area to benefit from the development going on around the Olympic site.
The development, by Telford Homes, sits by the River Lea overlooking the Olympic Park. It takes its name from the Lesney Matchbox toy factory which formerly sat on the site.
