Price of an average home for sale in Kensington and Chelsea breaks £2 million barrier

Property coming to market in the capital is now priced 7.3% higher than a year ago, representing a jump of over Ј30,000 in the last 12 months.

Miles Shipside, director of Rightmove comments: 

"The traditionally buoyant spring market has combined with a shortage of supply and brisk turnover of property. The result is another new record for average asking prices in the capital this month, representing an increase of nearly Ј600 a week over the last year and underlining London's continuing property market strength."

The borough with the most expensive price tags on its fresh to the market property offerings is Kensington and Chelsea.  Prices there have also reached a new peak, breaking the Ј2 million barrier for the first time and now standing at Ј2,000,120. The previous highest price was Ј1,995,389 achieved in March 2009.

Shipside observes: 

"While there are active micro-markets in many parts of London, Kensington and Chelsea leads the way. The average newly marketed property is now priced Ј120 above Ј2,000,000 - perhaps to allow a little room to round down in negotiations?"  rightmove