The average asking price in London reached a record £380,904 in June 2013, jumping by over £21,585 in the first six months of the year, and by 3.41% in the second quarter, data from the latest Move with Us Residential Market Review has revealed.
Asking prices in the region are steadily increasing at a rate of at least £2,500 per month.
The property firm’s latest Market Review report has found that the average number of days that it takes to sell a property in the capital fell to just 71 days in June, the fastest selling time for any region in Great Britain and 33 days faster than the national average. Selling times for corporate residential property are on average even lower at 58 days.
Robin King, director at Move with Us, said: “Sellers in London appear to have become more and more confident during the second quarter of the year. Although the market in the capital has consistently been positive, rising house prices and reduced selling times indicate an even stronger market, with prices increasing quickly and properties selling in the fastest time in the whole of England.
“The property market in London has always been in its own bubble but this increased market confidence is likely to be a sign of things to come and we are starting to see price increases and faster selling times across the rest of the country.”
Figures are derived from The Move with Us Residential Market Review, Q2 2013 and is produced in conjunction with Home.co.uk. The Move with Us Residential Market Review is based on a monthly analysis of over 750,000 on market property instructions advertised across 11 regions in the UK. This data represents the majority of property for sale on the open market in the UK at any given time and it is broken down into House Price Index (HPI) regions.