Price of property on London market reaches all-time high

Jessica Nangle

May 23, 2017

The price of property coming to market in London has reached an all-time high at £649,864, the Rightmove House Price Index suggests.

This is a monthly rise of 2.1% however the annual rate of increase remains consistent at 0.9% overall, with both inner and outer London seeing little year-on-year change.

Month-on-month new seller numbers are up by 4% in London which is a contrast to the overall national statistics, where the number of sellers deciding to market remains unchanged.

Price of property coming to market rises 1.1%

Miles Shipside, director and housing market analyst at Rightmove, said: “More properties have come to market than in the previous month, despite the approach of polling day often causing potential sellers to delay.

“While some sectors and areas of the London market are finding it harder to sell, this election, unlike the one in 2015, does not introduce uncertainty over the unknown factor of a mansion tax.

“The market knows what taxes are due, and while they are very substantial in the upper sectors, we are well over two years through the process of re-adjusting to their effect.”

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