Property asking prices in London are up almost 20%, the highest rise since November 2007, and the ‘ripple effect’ has boosted prices in the south and east, leading to new national and regional highs
For the second month running, London property asking prices have hit a new high – and a ‘ripple effect’ has helped prices rise in southern England to record levels, new data shows.
The 15.9% annual prices rise in the capital was the highest since November 2007, before the global market crash, when values rose 19.6%, according to April’s Rightmove House Price Index.
The increase meant the average seller price in London rose £19,818 to an average of £572,348. on the back of rising demand, even though 13% more homes have been listed this year than last.
The London ‘ripple effect’ spread out as southern and eastern regions hit new all-time highs as well and buyers with limited budgets looked for cheaper property within commuting distance and second homes.
As a result, the national average reach all-time high for the second successive month, up 2.6% (+£6,632) and the average price of property prices at £262,594, up 7.3% annually and the highest annual rate of increase Rightmove has recorded since October 2007.
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