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House prices in London remain down year-on-year despite the annual spring surge, driven by a slump in inner city sales, according to property website Rightmove.

Greater London recorded a monthly rise of 1.2 per cent, equivalent to £7,339, pushed largely by outer London properties that rose 1.9 per cent. Inner London prices, meanwhile, registered a bump of just 0.6 per cent.

“Price increases are the norm at this time of year, with only one fall in the last ten years,” Rightmove’s housing analyst Miles Shipside said.

“New seller asking prices have risen at this time of year for the last four years, and this year it seems that sellers in outer London are leading the way in asking for higher prices. Given the uncertain state of the London housing market in both London and its surrounding commuter belt, it remains to be seen how successful they will be.”

Compared to 12 months ago, homes in outer London are 0.9 per cent cheaper, whereas prices in inner London have fallen by 3.8 per cent. Homes in Greater London were, on average, £16,157 – 2.5 per cent – cheaper than they were a year ago, and cost, on average, £621,589.

All but two boroughs have new sellers asking less on average than a year ago. Only Barking and Dagenham (+0.9 per cent), in east London, and Bexley (+0.6 per cent), in the south east, have held their year-on-year value, and they were the two cheapest boroughs last month.

Nationally, the more active spring market prompted a modest increase to an average asking price of £308,290, a rise of 0.1 per cent in the past 12 months.

“I’ve noticed an increase in viewings and offers over the last few weeks,” Jak Kypri, director of Harpers & Co Estate Agents in Bexley, said. “I think it’s because there is less talk about Brexit. Things have calmed down now; they all went away for Easter, the sun is shining, people are cutting the grass in their gardens, the country seems slightly less tense.”

Rightmove’s monthly price index measured 133,690 asking prices this month, about 90 per cent of the UK market.

By Sam Buckingham-Jones

Source: City A.M.

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