The average asking price for a property in London has reached a new record level of £356,192, up by £1,095, Rightmove's latest research reveals. The annual percentage increase is now 22.4%.
House price rises in London are outperforming the rest of the country to such an extent that the average increase in 2006 alone, in London's top five performing boroughs, now exceeds the total value of an average property for sale in England and Wales. The national average for a property stands at £222,859, whilst the average gain of an average property in each of the top 5 boroughs is £228,467.
Miles Shipside, Rightmove's Commercial Director comments: "London property prices have seen the biggest gain since Rightmove started recording prices. The housing market remains resilient despite the three interest rate rises in the last six months. The price rise in south west London is rubbing off in favour of the cheaper parts of the Capital. The rate of house price growth in London's more sought-after locations has significantly reduced accessibility to the market for many people, who are now rippling out to less expensive areas nearby. Demand is still outstripping supply with property stocks well below average for this time of year, with an acute shortage of good housing stock."
