Asking prices for properties in London have soared to a record high, according to new figures from property website Rightmove .
The group’s monthly house price index showed the average property asking price in the capital rose by 6.5 per cent to £461,157 in the four weeks to 10 October, smashing the previous record of £412,731 set in November 2007.
It also revealed that asking prices across England and Wales increased by 2.8 per cent (£6,188) during the month, the largest rise since February 2008, taking the average price of UK home to £230,184, an increase of 0.2 per cent from the same period last year.
Rightmove said asking prices were being driven up by a lack of homes being put up for sale, with some estate agents virtually "sold out" and reporting single figure stock levels.
Miles Shipside commercial director of Rightmove said: ‘It's a little bit crazy to have a sellers' market given the time of year and the warnings of imminent fiscal austerity by all the main political parties. Agents, however, are reporting properties selling within the week at the moment."
"Buyers are ready to pounce on new instructions and are willing to proceed as they believe prices have bottomed, and more are finding the ability to put down the larger deposits required to access the best mortgage deals ."
But he added: "While sellers in popular areas are "back in the driving seat, they should watch out for icy conditions ahead, as the market is likely to enter a pre-election freeze by spring next year."
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