London house prices have risen across all boroughs this month to hit another record high, with the average asking price now standing at £677,110.
A year-on-year rise of 6.6 per cent, according to Rightmove’s latest property market data, and an increase of 1.9 per cent from last month.
The long-awaited end of Covid-19 restrictions, with the subsequent reopening of offices and cultural attractions, has been tempting buyers back to the capital after two years of dampened interest.
Borough data shows that Kensington and Chelsea is enjoying the biggest annual hike, with property prices rising 13.8 per cent to £1.74 million, meaning it is still the most expensive place to live in London.
Demand for the royal borough’s multi-million-pound homes has been fuelled by the return of wealthy international buyers to the prime London property market in recent months.
The most affordable of the city’s boroughs is Barking and Dagenham in the east, with its average asking price up by 10 per cent to £365,907.
Five other boroughs have also experienced double-figure house price growth: central Westminster, and the four outer London hotpots of Havering, Sutton, Merton and Bromley.
Of these, Havering in the east will be the most enticing to first-time buyers; property prices here have risen by 11.3 per cent but still stand at a comparatively affordable £475,150. Sutton in the south is a close second, with prices up 11.2 per cent to £540,305.
While prices have not fallen year-on-year in any London borough, Ealing in the west experienced a slight drop of 0.9 per cent since last month. However, prices are up 4.1 per cent annually.
Lambeth in the south has seen the most sluggish annual growth of just 0.7 per cent, with the average home currently costing £661,069. Growth has also been slower in Brent (2.8 per cent), Hammersmith and Fulham (3 per cent) and Camden (3.3 per cent).
