London house prices rebounded in May, rising to a record as buyers and sellers defied the usual trend of holding off on property transactions before an election.
The average asking price in the city rose 2.1 per cent from April to £649,864, property website Rightmove said on Monday, even with the upcoming general election on 8 June. The capital’s annual rate of price growth remained subdued at 0.9 per cent following a 1.5 per cent drop last month. That was the biggest annual decline in almost eight years.
“Time will tell how close these sellers get to their asking prices, but the uncertainty associated with an election has not deterred them from trying in increasing numbers and at an increased average price,” said Rightmove Director Miles Shipside.
