The average asking price for a home in Greater London has risen 5.4% to £643,843, despite a sharp increase in the number of properties on the market.

London asking prices shoot past £600,000 markData from property website Rightmove reveals that the number of new property listings has risen 5% in London, while the choice of fist-time buyer homes on offer has risen 10%.  

Miles Shipside, Rightmove director and housing market analyst, says: ““For the second month running the highest increase in supply of homes coming to market is properties with two bedrooms or fewer, typically the target purchase of first-time buyers or buy-to-let investors.”

Encouraged by low interest rates, initiatives such as Help To Buy and buy-to-let investors facing increasingly adverse taxes, Rightmove says that 2016 could be the year of the first-time buyer.

However, asking prices rose in 23 of 32 London boroughs in February and are up 11% on the year.

The average asking price in Barking and Dagenham, London’s cheapest borough, has risen by £55,000 over the last 12 months to £291,638. This means a Help To Buy borrower would need an annual salary of over £61,000 to be eligible for the scheme.

And the average asking price for property in inner London has risen 8.8% between January and February to hit £848,000.

In the UK as a whole, prices rose 2.9% between January and February taking the average asking price of a home to a new high of £291,638.

The previous record asking price was set in October 2015 but this has now been exceeded by £2,738.

For more information, click on the link below:

City AM

 

About the author

Nicolas Holmes

Nick joined Robert Holmes to inject fresh ideas and help grow the New Homes department of Robert Holmes as well as helping to inject technology into the business and to grow its client base. Together with one of the Directors Nick is in charge of all Development opportunities that Robert Holmes deals with along with sales. Aged 40, he provides succession together with the two existing directors. Nick has always been focused on building client relationships and sales. He built up his own gallery in Chelsea, where he had a loyal following of customers and artists.

Related articles