Modest growth across the capital takes the average asking house price to £650,000, reveals new report. House prices in the north London borough of Barnet have risen by an average of 10 per cent to £738,000 over the past 12 months.
House prices in the north London borough of Barnet have risen by an average of 10 per cent to £738,000 over the past 12 months.
It's the only borough in the capital to see double-digit price growth, reveals Rightmove's latest house price index, released today.
London asking prices have risen by an average of just 0.9 per cent over the same period. However, now averaging £650,000, the price of property coming to market is at an all-time high.
"Time will tell how close these sellers get to their asking prices, but the uncertainty associated with an election has not deterred them from trying in increasing numbers and at an increased average price," says Rightmove director Miles Shipside.
Annual house price changes in London
Hover over each borough for average price in May 2017 and a comparison with 12 months previously and last month
London's cheapest borough, Barking and Dagenham, saw the second highest house price rise of 5.8 per cent. This has taken asking prices in the east London borough to £314,000, still less than half the capital's average.
Unsurprisingly, all 12 of the boroughs with average house prices below £500,000 have seen at least modest house price rises thanks to increased demand as continually stretched Londoners seek more space and better value.
At the other end of the market, London's more affluent boroughs remain the hardest hit, with the top six most expensive boroughs all recording price falls — including Kensington & Chelsea, City of Westminster and Camden where house prices average more than a million pounds.
In total, a third of boroughs have seen their asking prices fall over the past year. The highest falls occurred in the south-west borough of Merton, home to Wimbledon, where prices fell by an average of 9.2 per cent to £713,285.