The average asking price of a first-time buyer property in London has risen to a record high of £431,159, according to new figures released by Rightmove.
But it is not just the price of properties with two or fewer bedrooms that are rising sharply. Data from the property website shows the value of all residential property in London rose 2.8% between January and February.
While London house prices are now 9.7% higher than 12 months ago, the average time it takes to sell a residential property is continuing to rise and is now 69 days.
“Activity is recovering after the winter recess, with more buyers searching and twice the level of property coming to market,” says Rightmove director Miles Shipside. “A combination of new seller price optimism and higher-value family properties coming to market at this time of year helps to push up average prices.”