House price rises in London are outperforming the rest of England and Wales like never before as 7 out of 10 regions saw a fall in the UK. The annual rate of increase in average asking prices in London stands at 23.6%. The average asking price in Greater London is now £355,097, a 2.9% monthly rise, Rightmove's latest research reveals.
Miles Shipside, Rightmove's commercial director comments: "It is traditional for sellers who come onto the market to trim their prices to attract buyers who are distracted by Christmas. Although that's what is happening nationally, the London market remains buoyant. With a series of banks and City institutions rewarding their staff with bonuses at record levels, it seems likely that this too will further fuel house price inflation around the capital, where there remains an acute shortage of good housing stock. The top-end of the London market is particularly active as a result of City bonuses and foreign cash. Financial services institutions are expecting their bonus pot to be up to 25% larger than last year."
