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London property boom explodes outwards, according to Rightmove

House prices in London’s outer most boroughs – including those in east London’s Bexley, Barking and Dagenham and Havering – are outperforming those centrally as new buyers are forced into zones 3, 4 and 5.

The findings form part of online property platform Rightmove’s London price report.

It shows that the average asking price of a London home has risen by almost £27,000 in a month, attributed to a low supply of properties in the capital.

The demand has moved outwards as a result, pushing prices up in the outer regions of London. Homes in Walthamstow move quickly as new buyers rush to take advantage of the (relatively speaking) low prices. Properties in this part of London take on average just 26 days to sell, with an average asking price of around £473,852.

Miles Shipside, Rightmove director and housing market analyst, said: “Whilst it is the norm for new sellers’ asking prices to be buoyant at the start of a new year, this first complete month in 2018 is seeing more pricing optimism than the comparable period in 2017.

“The political and economic uncertainty is out of sellers’ control, but they are in control of their asking prices, and in general they are not being overly ambitious or setting too high an asking price.”

Meanwhile, homes in the centre of London are taking up to 83 days to sell. Rightmove says property owners are particularly hesitant to sell in the central London boroughs due to uncertain market conditions.

Miles Shipside, Rightmove director and housing market analyst, said: “The lack of new listings in the typically pricier more central locations indicates that some would-be sellers are holding back. Cash-rich owners are showing that they are able to sit tight instead of coming to market now, and await their hoped-for price recovery.”

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