7 Oct

London average prices to top £1m

London average prices to top £1m

The average home in the capital could cost more than £1 million by 2020, according to a new forecast.

Online property portal Rightmove predicts that the ongoing increase in property prices within London could see average values push past the million mark within five years.

Although there was a slight downturn in the market in recent months, the latest figures show a 3.2 per cent increase following the traditionally slower summer period.

Figures reveal the average price of a new to the market property is currently at £620,003, up by 0.8 per cent or £4,888 on the levels recorded in July.

"This month’s 2.2 per cent rise more than reverses the seasonal slowdown over the last two months when the average price of property coming to market fell by 0.6 per cent," said Miles Shipside, Rightmove director and housing market analyst.

He explained the summer is always an uncertain period for both buyers and sellers, but added: "The back to normal service has resulted in new seller asking prices reaching another milestone, with a new record high."

Overall, the annual rate of increase in the capital is now at 9.5 per cent as demand continues to outstrip supply.ADNFCR-1222-ID-801802505-ADNFCR

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