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London Home Asking Prices Rise 16.3% In A Year

Monday 19th May 2014

Asking prices for homes in London have risen an average 16.3% in just twelve for sale signThe average asking price in the city was up by nearly £80,000 so far in 2014.

That works out as £4,405 a week - compared with £1,521 a week for the rest of the country.

Ten out of 32 boroughs in London saw annual rises of more than 20%.

Tower Hamlets saw a massive 43% increase, driven by cash buyers and investors in Canary Wharf and neighbouring areas.

The price rise for homes in London is much higher than for the rest of the country- where the average increase was 4.9%.

Rightmove said that nationally,not enough houses are being built to keep up with demand.

The average cost of a property in England is now £272,000 - a new record.