The average asking price for a London property has reached new record breaking levels. The average asking price in London is now £359,898, up by 1.1% from last month, an increase of £3,797, Rightmove's latest research reveals. However, the pace of annual increase shows signs of slowing, falling by 0.7% to 21.7%, an unusual decrease for this time of the year.
The data shows luxury property prices are still going through the roof with the boroughs of Kensington & Chelsea and City of Westminster on the rise again. A wall of money has poured into the London residential property market over the past year pushing average prices up by more than a fifth, and prime central London property up by more than double that figure.
Miles Shipside, Rightmove Commercial Director says: "Since 2005, money from all over the world has been invested in property in the heart of London. Demand has grown fast, pushing stock levels down and causing prices to reach new record levels".
