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"GOOD NEWS ON HOUSE PRICES": Average London house price rockets past £500,000

Link to The Guardian

"New figures showing that the average asking price for a home in London has risen to more than £500,000 for the first time could add to fears of a new house price bubble being fuelled by cheap mortgages and government schemes to boost the market.

"... Rightmove's data comes days after the Royal Institution of Chartered Surveyors (Rics) said funding for lending and the 'help to buy' initiative announced in the March budget were responsible for a strong pickup in demand for residential property that was not yet matched by an increase in the supply of homes to buy.

"... Miles Shipside at Rightmove said that one problem was that new seller numbers were down by 5% in 2013 compared with last year, which was fuelling demand. Meanwhile, some fortunate buyers had benefited from financial assistance from parents and other family members. Rightmove said the 'Bank of Mum and Dad' was supporting more than one in three of London's first-time buyers."

Link to Evening Standard:

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