House prices surge
According to the latest house price index from Rightmove, house prices in England and Wales rose 2.0% in October month-on-month, pushing the annual rate to its highest level this year. The figures are not adjusted to take into account seasonal changes in the market.
Average house prices in certain areas of London are soon set to reach the 1 million mark. Asking prices in the borough of Kensington and Chelsea stand at £999,087, up 10% on the previous month. The figure represents an increase of 66% on average prices for October 2005. Nearby Westminster experienced a similar increase, with average asking prices up 53.6% year-on-year to £692,733.
Rightmove believe that the huge increases seen in parts of the capital are down to a shortage of available housing and high numbers of wealthy people coming from overseas.
Average house prices in certain areas of London are soon set to reach the 1 million mark. Asking prices in the borough of Kensington and Chelsea stand at £999,087, up 10% on the previous month. The figure represents an increase of 66% on average prices for October 2005. Nearby Westminster experienced a similar increase, with average asking prices up 53.6% year-on-year to £692,733.
Rightmove believe that the huge increases seen in parts of the capital are down to a shortage of available housing and high numbers of wealthy people coming from overseas.
posted by ew at
8:37 AM
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