London house prices hit record high : Rightmove
The price of property coming to market in Greater London rose by 1.4% (+£8,656) this month, according tıo the Rightmove House Price Index. This has been driven in the main by increases in Outer London, where the average price increase in newly-marketed homes is 2.6% (+£13,124) in contrast to a small 0.4% (+£2,941) uplift in Inner London.
Miles Shipside, Rightmove director and housing market analyst comments: “Outer London continues to out-perform Inner London in the price-rise stakes, and it is this trend of buyers looking further afield for value that is pushing up demand and therefore prices in many Outer boroughs. This has helped to push the overall average price of newly-marketed property in Greater London to a record high. With nine months having elapsed since the referendum and stronger demand returning to the market, there are signs that prices are becoming more resilient.”
The average price of a property coming to market is at an all-time high of £649,772. This is 0.6% (+£3,572) higher than the previous record of £646,200 set nearly a year ago in April 2016. The boroughs seeing the largest increases this month are dominated by those in the mid-price range broadly between £600,000 and £700,000 and sitting either side of the new London overall average of £649,772. The five whose monthly rises stand out are all in Outer London: Ealing (+6.3%) Harrow (+4.8%), Kingston-upon-Thames (+3.9%), Barnet (+3.8%), and Brent (+3.7%).
Shipside adds: “While these prices are beyond the reach of many, these boroughs with average newly-marketed asking prices between £578,000 and £723,000 are in the mid-range for London. With growing needs for space, many Londoners are faced with trying to afford these prices when trading up, and get more for their money further out of the capital. This trend, rather than a recovery in all sectors of the London market, has helped to push the price of property coming to the market to record highs.”