London house price average jumps 1.7%Monday, 18 April 2011 02:08
London remains the exception in the property market, as buyer demand from home and abroad pushes asking house prices to a new record of £431,013 - despite 15% more properties going up for sale than during the same period last year. It's thought that 'Spring sellers' and a thriving international market helped lift the average price to 15% higher than April last year and 59% up on 2009.
The buoyant market conditions have encouraged more sellers onto the market, with seller numbers are up 15% on April last year, up from an average of 4,208 per week to 4,836.
The strength of demand has meant that only three boroughs out of 32 have recorded monthly asking price
falls, with only Westminster, Islington and Hillingdon showing marginal reverses.
Miles Shipside, director of Rightmove, said: “This is not like the most recent boom where easy credit and record bonus pay-outs led to large increases in asking prices every month.
“This time it’s crept up on the market, with prices fluctuating month-to-month but overall driven by an ongoing shortage of property being outstripped by consistent demand.”