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19 June 2006
The house price gap between London and the rest of the country has again widened, with London house prices rising by 2.1 per cent in the past month.
This brings the average annual growth in London house prices to 11.7 per cent, with the average price for a property in London now standing at £315,224, according to figures from Rightmove.
Cash-rich buyers after premium properties in the capital are fuelling a mini-boom in UK average house prices, widening the gap between the city and the rest of Britain.
"The buoyant housing market has been fuelling the overall picture of the country's house prices," said Miles Shipside of Rightmove.
"We do have to keep in mind though that house price growth remains limited across many parts of the country including Wales, east Midlands and the north-west."
The London market is less constrained by affordability due to a greater access to sources of money other than mortgages based on earned income.
However, due to a drooping stock market and expected rises in interest rates, the capital may not continue to dominate UK house prices, said the company.
If a rise in house prices affects you and your credit commitments, order your credit file and find out how your finances lie.
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