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London prices soar, beating previous high by nearly £30k

  % Change in month% Change Past YearAve house price
Oct HPI+2.8%+13.8%£252,418
Sep HPI-1.5%+4.5%£245,495

Key points

• Onset of autumn market sees national average asking prices rebound, up +2.8% (+£6,923)

• London storms back from summer of low listing activity and price falls, with new seller numbers up 15% and asking prices up +10.2% (+£50,484) on September – average asking price is now +5.6% (+£28,852) above July’s record of £515,379, an average growth rate of c.2% a month over the quarter

• With affordability in London stretched, the 5% deposit incentive of phase two of Help to Buy is likely to have greater impact outside the capital as Londoners face income not deposit challenge:
        - Prices in outer London already more than double those in the rest of England & Wales (excluding London), though average wages only 60% higher
        - 80% of buyers in London improve their buying budget and mortgage rate with 10% or greater deposit, and 37% receive assistance from Bank of Mum and Dad.

• No risk of a price bubble outside London as two regions record monthly falls, five are negative year-on-year, and seven in ten regions have annual price rises lagging behind inflation

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