London's House Prices Increase to Record on Demand From Cash-Rich Buyers - Bloomberg

London's House Prices Increase to Record on Demand From Cash-Rich Buyers - Bloomberg

London home sellers raised asking prices to a record in April as prospective cash-rich buyers met a shortage of homes available for sale.

Average asking prices in the capital rose 1.6 percent from the previous month to 431,013 pounds ($701,000), Rightmove Plc, the operator of the U.K.’s biggest property website, said in an e-mailed statement today. From a year earlier, prices are up 2.2 percent, against a 0.1 percent increase in England and Wales.

“London is a stable market that behaves differently from the rest of the country,” said Justin Knight, a real-estate agent at Bective Leslie Marsh in west London. “There’s a real imbalance in supply and demand.”