Rightmove has revealed that the average price for a property in London is now £385,199, an all time high. Rightmove’s figures also show that house prices in London are still outperforming other parts of the country, with the national average house price being £236,490.
However, the national average price gain increased by 0.4per cent. This small increase has been attributed to the increase in the interest rate. The possible introduction of Home Information Packs is also having an impact on the number of properties on the market, as people are reluctant to pay for them.
Our view
Demand has been and always will be higher in the capital. Watch those interest rate rises if you borrow to buy in London.