The average asking price rose in all London boroughs except one this month. It reached GBP667,000, the highest level of growth in six years. “High demand and a lack of stock are driving a rise in prices, which has led to a record-breaking average asking price. “London’s top boroughs and bottom boroughs” The capital’s most expensive borough, Kensington & Chelsea saw prices rise 10.6 percent to GBP1.68million. International buyers with high net worth have been returning to London’s property market in recent months, bringing with them large multi-million-pound homes in established London neighborhoods. Hackney saw a 0.9% price drop to GBP653,000. The average asking price in London rose by GBP421,000 in the past year, compared to GBP99,000 in the previous two years. However, house prices are up in other parts of the UK, with London’s commuter belt seeing the greatest growth in country since 2012. This is a record-breaking GBP349,000 increase in asking prices, which is 9.5% higher than a year ago. GBP7,785 was added on to the average asking price. London house prices are at an all-time high of GBP521,000, but growth is slower than the rest of the UK. House prices in the UK: London commuter area sees the greatest growth in country since 2012. While buyers continue outnumber sellers, Rightmove stated that there has been an increase in the number of sellers listing their homes by 11% compared to last year. This means that there is more stock. Mr. Bannister stated that this month’s fast-moving market seems to have really hit home for sellers. Many buyers are now in a better position to secure their dream homes by becoming ‘power buyers’ and putting their home on the market first. This is causing a rise in listings compared with last year, giving buyers more choice. “The fear of missing one’s dream home is driving the market at the moment. Movers are trying to avoid disappointment by being too slow to secure their ideal property.
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