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Demand for housing pushes house prices up in Kingston again
Demand for housing in Kingston is outpacing supply and pushing up prices for first-time buyers.
People selling up closer to central London and moving to outer boroughs have also contributed to a sharp rise in prices, estate agents said.
The average cost of a house in Kingston has jumped up 7 percent from last month, and more than 11 percent from this time last year.
The rise, from £694,000 to £741,000, is above the Greater London average of 5 percent.
Sam Carr, from estate agent Gibson Lane, said many of the buyers are young families, or people who used to rent and want to buy their first house.
He added: “They are looking to move to this sort of area mainly because of the schools. The buyers are far outstripping the number of properties on the market.
“I do not think any property we have sold this year has had less than three offers. One had 20.”
Average prices in Kingston are the eighth highest in the capital, according to property website Rightmove.