Rightmove released its March asking price index yesterday which showed UK house price index at a new record high.
The asking price index increased by 6.9% y/y to £256,000.
London asking prices also increased by 2.1% in March alone to a new record high of above £552,000.
However, notably in London, asking prices in each of the four most expensive boroughs fell by an average of 1.3%, with marked falls in Westminster and Kensington & Chelsea.
This is a trend we predicted some time ago, particularly with amendments to tax law for foreign owners.
The stronger gains in London are now starting to come through in the outer boroughs which have lagged the averages somewhat to date.