Housing shortage sends London’s prices rocketing

Tim Wallace
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ASKING prices have barely moved in the country as a whole, but a lack of new sellers in London pushed prices up this month, according to today’s Rightmove house price index.

Prices are up 2.4 per cent month-on-month in the capital, and 7.2 per cent compared with last September.

That translates to a cash increase of £9,881 in one month, and £28,870 over the past 12 months.

Nationwide, prices increased by 0.7 per cent on August’s level, and 1.5 per cent since September 2010.

A lack of new sellers is blamed for the rising asking prices in London. This month last year 20,496 properties were put up for sale; this September only 17,966 entered the market.

Sutton saw the highest monthly increase at 5.2 per cent. August’s largest fall, of 2.4 per cent, came in Hounslow.