Sunday 16 November 2014 11:53 pm

London average house prices top £600,000 for the first time

Chris Papadopoullos was City A.M.'s economics reporter until February 2016. He is an economist at OMFIF.

The average price of a residential London property has risen above £600,000 for the first time but signs of cooling are evident.The break through the £600,000 barrier in house prices in November marks just a 0.8 per cent increase on October’s figure, according to data released today by online property market platform Rightmove.Rightmove’s Time to Sell index increased to 54 days in October from 51.8 days in September marking four consecutive monthly gains. In June the Time to Sell index was only 41 days.Annual increases of over 20 per cent have been reported in Ealing (22.8 per cent), Newham (24.3 per cent) and Bexley (20.1 per cent) compared with a fall of 3.7 per cent at the top of the market in Kensington & Chelsea, which would be hardest hit by the proposed Mansion Tax.“London broke through the £500,000 milestone in May 2013, and just 18 months later the demand for housing in the Capital and shortage of supply mean that potential buyers are now faced with an average asking price of over £600,000,” said Miles Shipside, Rightmove director and housing market analyst.