London house prices increased by 4.8% to an average of?523,666 over the year to March, according the Land Registry. This suggests that London’s property market continues to experience single-digit growth since the beginning of the pandemic. London saw the slowest growth in any country region. The April inflation rate reached a record high of nine percent, a forty-year high. Coreco managing director Andrew Montlake said that the market experienced a cooling in March relative to February. This is due to rising mortgage rates and a squeeze on incomes caused by the cost of living crisis. “Nine percent inflation, rising interest rates, and a possible recession ahead will impact demand. Lenders are becoming ever more cautious, which will limit what people can borrow. This will likely result in a slowing of price growth through 2022 and beyond. Prices can only fall because of the persistent shortage of supply. Prices can only fall if there is an inexorable shortage of supply. Lewisham saw a 0.5% drop in value. Antony Roberts, director of Richmond estate agency Antony Lyle, said: “The imbalance between demand and supply continues to fuel strong house prices growth in Richmond. The?1.5million-plus freehold market for houses has been well received. Any family home priced sensibly attracts interest from many buyers. This results in multiple bids and an agreement sale above the guide price. “Guy Gittins is the chief executive of Chestertons agents. He stated that Spring traditionally marks the beginning of increased market activity and a surge of properties entering the market. We had already seen an increase in buyer inquiries and sales not even half-way through March compared to last year.