Rightmove says the annual rate of housing asking price inflation in London is now up to 9.5 per cent - and warns that if that is maintained for the next five years the average London home will be priced at £1m by late 2020.
The price of property coming to market in London has rebounded from its holiday-season lull to jump by 2.2 per cent or £13,177.
The average price of a newly-marketed home in the capital is at a new all-time high of £620,003, up by 0.8 per cent on the previous record set in July of this year.
“This month’s rise more than reverses the seasonal slowdown over the last two months. It’s a volatile time of year for average prices however, as potential sellers of higher-priced properties tend to refrain from coming to market in the holiday period, but then get on with their home moving plans again in September” says the portal’s commercial director, Miles Shipside.
He says London’s long-term supply/demand imbalance and its continuing appeal to foreign buyers now appear to have overcome the jitters shown earlier this year as a result of stamp duty reform and pre-election mansion tax worries.
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Wouldn't surprise me the way things are currently going. It's absurd, obscene, wrong and unsustainable, but it's what Boris and Osborne are determined to make happen. Unfortunately, the bubble will have to burst and a lot of people will have to lose out before the public at large wake up to our housing crisis!
I expected that I'd have to help my son buy a place once he finishes uni, but considering those prices - I'm just hoping he decides to stay up in Manchester.
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