Lack of supply 'pushing London house prices up'

Lack of supply 'pushing London house prices up'A constraint on property supply is pushing up house prices, according to new findings. 

The Rightmove House Price Index, showed that house prices have soared by record levels this month.

Asking prices across England and Wales increased by one per cent month-on-month in January to reach an average of £243,861.

This represents the biggest monthly jump that has been recorded for this time of year since records first began in 2002.

The Rightmove figures showed the average home has seen its value rise by £2,406 this month. January is traditionally the month that prices start to fall.

The property website claims the rise has partly been driven by a lack of available properties.

Annual price rises were felt most strongly in the capital, according to the data, which revealed that London asking prices increased by 7.0 per cent, taking the average price to £514,704.

Commenting on the findings, Miles Shipside, director of Rightmove, said there was also some evidence that some sellers were not willing to sell their property for less than the asking price.

He added: 'This is the strongest start to a new year for house prices that Rightmove has ever recorded, and that will get some potential sellers salivating at the thought of better moving prospects. The sums have to stack up for most property owners before they will consider a sale; some will have to achieve a higher sales price to fund a move while others will have a figure in their heads that they’re not prepared to go below."

The one per cent rise this month will add to concerns that the housing market is starting to enter a bubble. The north of England was the only region to see asking prices fall year-on-year, with a small 0.1 per cent decrease, meaning the average asking price fell to £136,786.

Published 21st January, 2014

© 2014 Estates IT Limited

Latest London Property News Headlines

St John's Wood brings the village atmosphere to the capital

St John's Wood brings the village atmosphere to the capital

St John’s Wood is a great location for people looking to capitalise on all the benefits of London living without being caught up in all the hustle and bustle. 

Read Article ... Published on 26th May, 2015

Yeading: Enjoy peaceful city living in an up-and-coming area

Yeading: Enjoy peaceful city living in an up-and-coming area

Yeading is a laid-back and peaceful residential area situated north-east of Hayes and is one of the most up-and-coming areas of the capital.

Read Article ... Published on 26th May, 2015

Hanwell: A green, peaceful environment for Londoners

Hanwell: A green, peaceful environment for Londoners

Hanwell is a small town located in the Borough of Ealing and is in between Ealing and Southall, providing excellent transport links to the rest of the capital.

Read Article ... Published on 26th May, 2015

Mitcham Carnival announced for June

Mitcham Carnival announced for June

Mitcham Carnival has been announced for Saturday June 13th at Three Kings Piece.

Read Article ... Published on 22nd May, 2015

Hammersmith and Fulham Council start Park consultation

Hammersmith and Fulham Council start Park consultation

Hammersmith and Fulham Council have launched a new consultation on Hammersmith Park, inviting local residents to have their say on the area and how it can be improved.

Read Article ... Published on 22nd May, 2015

New conservation areas planned around Waltham Forest

New conservation areas planned around Waltham Forest

Waltham Forest has announced plans for two new conservation areas near Lloyd Park and Bakers Arms town centre. 

Read Article ... Published on 20th May, 2015

Sutton Council announces Take Part Take Pride summer festival

Sutton Council announces Take Part Take Pride summer festival

Sutton Council has announced its Take Part Take Pride summer festival.

Read Article ... Published on 20th May, 2015

Brent Council teams with Brent Housing Partnership in new project

Brent Council teams with Brent Housing Partnership in new project

Brent Council has partnered with the Brent Housing Partnership as it aims to improve the standard of housing for local people.

Read Article ... Published on 19th May, 2015

Gardeners prepare for Islington In Bloom

Gardeners prepare for Islington In Bloom

Islington Council is preparing for this year’s “In Bloom” event by teaming up with local gardeners to identify the best greenery available in the area.

Read Article ... Published on 15th May, 2015

New fitness centre set to open in Manor Park

New fitness centre set to open in Manor Park

A new fitness centre is expected to be opened in Manor Park by Newham Council. 

Read Article ... Published on 15th May, 2015

High demand and low supply is pushing up property prices, according to Rightmove.

Lack of supply 'pushing London house prices up'

Do you want a Short Let?

Do you want a Commercial Let?



Like this?
Share this
Follow Net-Lettings
Facebook Net-Lettings.co.uk Twitter Net-Lettings.co.uk RSS Feed
Follow Estates IT
Facebook Estates IT Twitter Estates IT RSS Feed

Estates IT offering Estate Agents Software. Lettings Agent Software, Rental Software, Property Management Software.
Net-Lettings.co.uk

Net-Lettings.co.uk was one of the first property and agent directory websites on the internet launched in 1996. We still believe in simplicity today. Use this London Lettings Directory for all your rental property needs whether a Tenant or Landlord.

Subscribe to RSS feed, or bookmark us so you do not miss any London News Articles we publish.

London Areas

London is a diverse community of people. There are many areas to choose from we have around 245 that appear on the map and approximately 338 total London areas. Here are just a few of the latest hot areas.

Letting Agents Docklands
Letting Agents Camden
Letting Agents Notting Hill
Letting Agents St John's Wood

Advertising & Sales

This site offers Letting Agents low cost effective advertising of their web site. We are not a Letting Agency but connect you directly Lettings Agents in your required area. Letting Agents see below options available with Net-Lettings. You can contact or follow us below.

Advertise on this site ...
Register with us ...
Need Letting Agent Software?