London prices hit new highs
London asking prices rose by 1.4 per cent to an all-time high £649,772 in March 2017, according to Rightmove.
Nationally the price of property coming to market rose by 1.3 per cent in the month to £310,108, with price growth having finally rippled out to the Midlands.
In London punitive stamp duties have seen prices in Kensington & Chelsea decline by a thumping 19.4 per cent over the year to £1,894,061.
The price to earnings ratio in the borough is still 38.5 times according to the ONS, however.
However, buyers have shifted their attention to cheaper and previously less fashionable boroughs.
Camden was the top performer, while Greenwich and Croydon also both featured the top five borough, both locations where we have bought in the past few years.
Later this morning the ABS will release its Residential Property Prices Indexes for Q4 2016.