Rightmove reports that Greater London average asking prices have shown another significant increase in April with a monthly rise of 3.7%, the equivalent of £13,000 on a typical property. This compares with the rise of 1.8% in March and 1.1% in February. The last time it was that high was February 2004, when the month on month increase was 4.1%. It is also the first time since Rightmove began recording asking prices that the annual increase has reached 25% - this represents an average £76,000 increase in the last year.
Rightmove's latest research also reveals that the 'time on the market' keeps dropping, now just 65 days, down from 86 days in January 2007. The last time properties in Greater London were selling that fast was in July 2004 with houses selling within 63 days.
The average asking price in London is now £379,846. Luxury home prices have kept up with the record monthly pace, with the average asking price for homes in Kensington & Chelsea now at £1,329,878, up 10% since March. "Property prices continue to be driven by supply shortages and international demand" says Miles Shipside, Rightmove Commercial Director.
