House Prices in London and Other Regions Skyrocket Rightmove

According to the latest monthly survey of UK house prices, the expectations of London property market are being boosted by bonuses, which fact finds proof in a surprising 6.5% monthly increase in property values in the City. Rightmove's housing prices survey has been regularly carried out since 2002, and the data suggests that an ultimate monthly 6.5% rise in London house prices is the first in 7 years. As survey results suggest, an average asking price for a London property stood at £416,157 in September, which figure compares to £395,560 in August. Despite this good news, experts do not expect to see a huge inflow of cash into the London property market as banks will soon pay bonuses in deferred shares. In the opinion of Mr. Yolande Barnes, Savills' research director, the London market of residential property will definitely become stronger in case bonuses are paid in shares rather than cash, which will contribute to improvement in sentiment towards the market. The Rightmove's housing prices survey also revealed a 2.8% rise in property asking prices in other UK regions. In spite of the current problems in the mortgage sector (high costs and scarce availability), an average property in England and Wales is being priced at £230,184, which is a staggering £6,188 more than in mid-September. According to estate agents' reports, asking prices for properties have skyrocketed by 5.3% in Yorkshire and by 3% in the South East. East Anglia and the North are the only regions that have not witnessed a rise in property prices. In addition to rising prices, the stock of properties in Great Britain is steadily decreasing. For instance, only 16,808 properties were put on sale this month, which compares to 19,890 in September.