London prices jump 3.6%

London sellers coming to market this month increased their asking prices by an average of 3.6% to £480,890.

The £16,492 increase is the largest seen at the beginning of a new year since January 2008, and takes the annual rate of increase in the capital to 9.7%. This is the highest year-on-year figure recorded since February 2010.

Miles Shipside, director and housing market analyst at Rightmove comments:


“Those coming to market this month have taken a bullish pricing approach and pushed their asking prices up by an average of £16,492 compared to sellers in December. The continuation of rising prices in London does not help buyers looking to get onto the housing ladder, or those looking to take the next step up. It also restricts any recovery in transaction volumes that deliver the level of fluidity that a vibrant and healthy market needs.”