London house prices boom to record high - Rightmove

10:43 17 March 2014

Property prices in London have grown 11.3 per cent over the last year (Picture: Dan Kitwood/Getty Images)

Property prices in London have grown 11.3 per cent over the last year (Picture: Dan Kitwood/Getty Images)

2013 Getty Images

Property asking prices in London have risen to a record high of £552,530, according to Rightmove.

The figure, an average for prices across the capital, is £8,298 above London’s previous high reached last October.

Across England and Wales as a whole, sellers’ asking prices are now 6.8 per cent or £16,251 higher than they were a year ago and in London they have seen annual growth of 11.3 per cent, according to the real estate website, whose records go back to 2002.

Miles Shipside, director of Rightmove, said: “With prices on the up and set to increase more, there is a greater sense of urgency among buyers.”

Rightmove is also seeing evidence that house price growth in London is no longer being driven by the wealthy “prime central” boroughs.

London’s worst-performing borough in March was named as Kensington and Chelsea, where asking prices had dropped by 2.4 per cent on the previous month.

But the average price tag for a home in the borough was still £2.1million.

The capital’s best-performing borough was found to be Haringey, where prices had surged by 9.5 per cent month-on-month to reach £597,634 typically.

Westminster and Camden, where average asking prices were above £1million, were also among Rightmove’s worst-performing areas in London in March, while Barnet and Hounslow, where prices were around £600,000-plus, were among the best.

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