Haringey leads house price rises as London sets third record this year

Haringey experienced the highest house price rise of all London boroughs this month as London prices again hit record levels.

Since April 14, the Rightmove house price index shows that Haringey property values have increased by 6.8 % - rising from an average price of £645,721 to £680,740. The next best performing borough was Kensington and Chelsea at 6.4%.

The figures come alongside reports that the price of property coming to the market in London has risen by an average of 3.3% (+£18,964) this month to a new record high of £592,763, which is the third new record set this year.

Average new seller asking prices are now 15.4% (+£79,297) higher than they were at the start of the year, meaning that they have risen at an average of £4,405 a week so far in 2014.

Miles Shipside, Rightmove director and housing market analyst, said: “While some boroughs have run out of price rise legs over the last few months, their baton has been taken up by others to maintain the 2014 trend of an average £4,500 weekly increase in the price of property coming to market.

“The net result at headline level is that your average London property is now coming to the market at £80,000 more than at the beginning of 2014.

“The capital needs a programme of mammoth proportions to create a flood of housing supply.

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“More major transport initiatives, satellite new towns, and the release of building land for both the private and social sectors will help to relieve upwards price pressure and give better options for both its inhabitants and its economic success.”