London house prices up £9k in a month

According to research by property website Rightmove, sellers in London are now asking an average £9,000 more for their homes than last month.

For London as a whole it is the biggest monthly increase in asking prices since November. Asking prices in Kensington and Chelsea rose sharply by more than £71,000 in August alone, a rise of 8.6%, bringing the borough average to more than £836,000. In Richmond, the average asking price is now almost £415,000, a monthly increase of more than £21,000.

Every borough showed some growth although Greenwich managed only 0.1% for the month and Hounslow and Islington both achieved growth of only 0.8%.

Rightmove director Miles Shipside said: 'London hasn't been affected by seasonal factors and is not experiencing the traditional highs and lows of the summer property market. ' It is thought a shortage of supply in the London housing market is continuing to drive up prices.