London property prices hit new high with talk of exodus ‘overblown’

A view of semi-detached homes in the Willesden neighbourhood of northwest London, August 15, 2014. The Bank of England gave a clean bill of health to Britain's controversial flagship mortgage guarantee scheme on Thursday, sparing the government from potential embarrassment in the run-up to a national election. The central bank also formally asked to expand its arsenal of powers to curb mortgage lending for homes and buy-to-let properties, and said it was bringing forward the date when it would put a figure on the maximum leverage banks can have. Picture taken August 15, 2014. REUTERS/Suzanne Plunkett (BRITAIN - Tags: BUSINESS REAL ESTATE TPX IMAGES OF THE DAY) ATTENTION EDITORS - PICTURE 20 OF 21 FOR WIDER IMAGE STORY 'NEIGHBOURING VISIONS' SEARCH 'PLUNKETT VISIONS' FOR ALL PICTURES
Homes in Willesden, north-west London. Photo: REUTERS/Suzanne Plunkett

London property prices hit a record high over the summer despite the coronavirus crisis, official figures show.

Analysts said talk of an exodus from the capital appeared “overblown,” as Land Registry data showed average prices rose 3.5% in the year to August.

Homes sold for an average of £489,000 ($642,000) in London in August, a joint record high last seen in July 2017. The growth was significantly higher than than the UK average of 2.5% year-on-year growth. Economists had expected 3% national growth.

It marks a reversal of pre-pandemic trends, with Brexit, affordability and tax reforms dampening demand in London and the south-east in recent years while prices have surged in many areas elsewhere.

Prices in the capital were more than twice as high as the UK average of just over £239,000.

The figures appear at odds with widespread signs many residents

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FanDuel founders Nigel Eccles and Rob Jones land $5 million for Flick app to talk sports, and place your bets

The startup today closed $5 million in Series A funding, which will be used to add features that include linking up with sports betting sites.

As he builds Flick, Eccles is battling FanDuel’s board of directors in Manhattan state Supreme Court, over a 2018 acquisition deal he said left the company’s founders and early employees with nothing for the product they built.

As to the value of Flick, Eccles said most betting platforms have no social component, meaning they miss out on the social nature of sports viewership.

“It is very transactional,” he said. “You place your bet and leave.”

His vision for Flick is a place where people can chat about sports and track their bets. Flick would not handle bets but be paid for directing them to other sites.

A 2018 Supreme Court ruling lifted a federal ban on sports betting, allowing states to set their own laws.

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