Newspaper article The Evening Standard (London, England)

London Asking Prices Hit a Record [Pounds Sterling]328,000

Newspaper article The Evening Standard (London, England)

London Asking Prices Hit a Record [Pounds Sterling]328,000

Article excerpt

Byline: MIRA BAR-HILLEL

THE average asking price for property in London is at a record high of [pounds sterling]328,607, figures out today reveal.

A scorching summer and school holidays had little impact on the optimism of London house sellers, who are asking an average of over [pounds sterling]9,000 more for their properties than a month ago, according to research by property website Rightmove.

Asking prices in Kensington and Chelsea soared by more than [pounds sterling]71,000 in August alone, a rise of 8.6 per cent, bringing the borough average to more than [pounds sterling]836,000. In Richmond, the average asking price is now almost [pounds sterling]415,000, a monthly increase of more than [pounds sterling]21,000.

For London as a whole it is the biggest monthly increase in asking prices since November. Demand in London continues to be greater than anywhere else in the country, undimmed by sky-high prices or last month's interest rate increase.

The London-wide average is now 17.4 per cent higher than a year ago, 12.9 per cent higher than in January and 2.9 per cent up since last month.

Every borough showed some growth although Greenwich managed only 0.1 per cent for the month and Hounslow and Islington both achieved growth of only 0.8 per cent.

Demand has continued to grow during the supposedly quieter summer holiday months, and London is experiencing a shortage of supply, both factors driving up prices.

The growth, however, will only make it harder for first-time buyers trying to get their first step on the property ladder - the average asking price is now almost eight times the average London salary of [pounds sterling]42,000.

Rightmove director Miles Shipside said: "London hasn't been affected by seasonal factors and is not experiencing the traditional highs and lows of the summer property market. …

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