Property prices in Britain lifted to a new record high of nearly STG256,000 in March amid a “spring seller rush”, a website has reported.
Rightmove said the average asking price across England and Wales lifted by 1.6 per cent month-on-month to STG255,962 ($A477,630), surpassing a peak set last July by STG2,304.
A new record was also set in London, where average asking prices have reached STG552,530, which is STG8,298 above the capital’s previous high reached last October.
Across England and Wales, sellers’ asking prices are now 6.8 per cent or STG16,251 higher than they were a year ago and in London they have seen annual growth of 11.3 per cent according to the website, whose records go back to 2002.
But Rightmove said that the South West and the South East, both of which had been affected by the recent severe flooding, “lag behind the spring seller rush”.
The North was the only region where sellers’ asking prices were down year-on-year, with a 0.3 per cent annual fall taking them to STG145,861 on average.
House sellers in Wales were asking 4.6 per cent more for their properties than a year ago, at around STG171,359.
Miles Shipside, director of Rightmove, said: “With prices on the up and set to increase more, there is a greater sense of urgency among buyers”.
Rightmove is also seeing evidence that house price growth in London is no longer being driven by the wealthy “prime central” boroughs.
London’s worst-performing borough in March was named as Kensington and Chelsea, where asking prices had dropped by 2.4 per cent on the previous month.
But the average price tag for a home in the borough was still 2.1 million.
The English capital’s best-performing borough was found to be Haringey, where prices had surged by 9.5 per cent month-on-month to reach STG597,634 typically.
Westminster and Camden, where average asking prices were above STG1 million, were also among Rightmove’s worst-performing areas in London in March, while Barnet and Hounslow, where prices were around STG600,000-plus, were among the best.
Prime central London has been a particular attraction in recent years for wealthy overseas investors looking for a “safe haven” for their cash.