The average house price for Kensington and Chelsea property is £999,087, so says Rightmove.
House prices have increased phenomenally in the last month, with London at the front of pack , Rightmove, the online estate agent, stated today.
The average asking price is presently £218,954, an increase of 11.5% on October 2005.
London's performance is amazing. In the last year the average property asking price in the London borough of Kensington and Chelsea has surged 65% to £999,087.
This of course is the most fashionable west London address leading the pack, yet the City of Westminster was a close runner up, with price rises amounting to 54% in the last year. The 2006 price increase in London was 19%, up 2.1% in September alone.
In the north the picture is less rosy. North west and Yorkshire and Humberside house prices fell in September (by 1% and 0.8% respectively), with house prices in the northern region 2.2% higher than in September 2005.
House supply to the market is decreasing as prices increase, yet fewer home owners can afford to buy a more expensive house.
This results in upward price pressure with demand outstripping supply.
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London House Prices are the Highest in the Country
Mon, 16 Oct 2006
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