<a href="/house-prices">Property prices</a> in London and the south west have reached a fresh high, Rightmove data showed this morning.
Average house prices across the UK rose by one per cent to £246,235 from May to June, while London’s prices rose 1.7 per cent to an average of £477,440.
In comparison to August 2007, national prices are up 2.4 per cent – but in real terms, after inflation has been taken into account, they are down 13 per cent.
Greater London is the only area where prices have outpaced inflation, registering a real-term rise of three per cent over the same period.
“The better properties in the better areas remain in short supply, giving sellers of sought-after stock, and their agents, the confidence to come to market at a higher price,” said Rightmove’s Miles Shipside.