London house prices on the rise
Published On 21 November 2006
House prices in some London boroughs have risen by over 50 per cent in the past year, according to a new survey.A study by Rightmove has found that the borough of Kensington and Chelsea, one of the capital's most exclusive areas, has seen prices climb by 54.9 per cent since November 2005, helped by an 8.8 per cent increase during the past month.
Prices throughout the capital grew by 18.2 per cent on a year earlier to an average of £344,949.
Although the capital has seen the sharpest growth, increases have been experienced throughout England and Wales, with a 12.4 per cent annual hike posted for the two countries as a whole.
"Southern sellers are responsible for pushing up the national growth rate into double figures," explained Rightmove's commercial director, Miles Shipside.
"Until more suitable properties are built to satisfy the demands of the buoyant southern economy, their prices will continue to rise."
The average house in Kensington and Chelsea is now selling for over £1 million.
