THE AVERAGE London residential property price was 2.8 per cent higher in February than in January, new figures show today. However, the average time it takes to sell has climbed to 69 days, according to the data released by Rightmove. It marks seven straight months of increase in the time taken to sell a property, from June’s 40 days.
On the year, London house prices are up 9.6 per cent. Activity is recovering after the winter recess, with more buyers searching and twice the level of property coming to market. 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. The average asking price of a London first-time buyer property (properties with two or fewer bedrooms) is now £431,159. This is the highest level ever recorded for this market sector.