London house prices up by 16.3 per cent in just one year

News Shopper: London house prices up by 16.3 per cent in just one year London house prices up by 16.3 per cent in just one year

House prices in London have risen by an average of 16.3 per cent in the last year according to new figures.

The Rightmove survey shows that the average asking price in the capital is up by nearly £80,000 yet – or £4,500 a week.

The national average, excluding London, is £1,500 a week highlighting the disparity between London and the rest of the country.

The national average asking price is 8.9 per cent higher than a year ago.

Rightmove director and housing market analyst Miles Shipside said: “May is a traditionally bullish price rise month, though this year’s 3.6 per cent jump beats the previous May high of 3.2 per cent set in 2002.

“A late Easter in the heart of the house-hunting season has not only concertinaed the traditional hottest home-moving period by several weeks, but also stagnated seller numbers, further stirring up prices in areas of buoyant demand.”

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7:48pm Mon 19 May 14

Major Boredom says...

Largely fuelled by greedy agents who dictate the price (offers over) and turn the whole buying process into a bun fight with the victor(s) paying over the odds, sometimes pushing the price into the next stamp duty bracket. Fortunately, after many months of looking I managed to secure a property in Blackheath, but before that, I saw scruffy refurbishments and tiny flats with inflated asking prices. I also went to an 'open house' where I was one of 80, and enquired about another which had 60 people on the list.

The Governor of the Bank of England is seriously concerned about the current house price hike and is considering looking in the 'help to buy' scheme with a view to ending it. Should I ever win big on the lottery, I would spend the money on building good quality, low cost housing.
Largely fuelled by greedy agents who dictate the price (offers over) and turn the whole buying process into a bun fight with the victor(s) paying over the odds, sometimes pushing the price into the next stamp duty bracket. Fortunately, after many months of looking I managed to secure a property in Blackheath, but before that, I saw scruffy refurbishments and tiny flats with inflated asking prices. I also went to an 'open house' where I was one of 80, and enquired about another which had 60 people on the list. The Governor of the Bank of England is seriously concerned about the current house price hike and is considering looking in the 'help to buy' scheme with a view to ending it. Should I ever win big on the lottery, I would spend the money on building good quality, low cost housing. Major Boredom
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