House prices in Kingston have climbed again this month in a “bonkers” market fuelled by commuters looking for an easy route to central London.
According to property website Rightmove, the average Kingston home now costs £774,562 – up 4.5 per cent from last month and a staggering 17 per cent from last March.
Sellers across the capital are getting more than 99 per cent of their asking price, analysts Hometrack said, but in parts of Kingston buyers are willing to splash out even more to secure a home.
Gareth King, sales manager at Chancellors in Surbiton, said: “It’s bonkers. You have got so many active purchasers coming at the moment, coming from particularly Wimbledon and Richmond, where they are being priced out.
“They are paying very good money for the area here, from what they are used to in their local areas.
“The competitiveness comes in and you get the bidding scenario. There is just nothing else on the market.
“I can only see the prices going one way.”
Mr King said he has sold several properties for prices higher than what was asked – and that 64 people showed up to a single open house event, for a one-bedroom apartment in the Oakhill area.
On average, London homes spend less than three weeks on the market. Kingston’s homes are the seventh-most expensive in the capital.
Hometrack research director Richard Donnell said the real drivers of higher house prices are record low mortgage rates, and strong demand from first-time buyers with no property to sell.
Tougher mortgage rules will come into force next month, meaning lenders will have to make sure buyers can afford their mortgage repayments even when interest rates eventually start to rise.
The average rent in Kingston is £1,117 a month, according to HomeLet’s rental index.
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