London property scramble: Prices make record leap as return to the office begins

Within the inner city price changes have varied considerably with Camden seeing a six percent increase in prices in the last month, taking the average price to £989,810, while Westminster saw a -1.4 percent decline, though average prices still remain high at £1,387,019.

Tim Bannister, Rightmove’s Director of Property Data, commented: “As the final legal restrictions look to be ending soon, and more businesses are encouraging a return to the office for at least part of the week, we now have a group of movers who are looking to return closer to major cities, or at least within comfortable commuting distance of their workplaces.”

Rightmove recently reported a growing demand for office space with enquiries from businesses looking to lease now higher than pre-pandemic levels.

The growth in prices in London helped push up overall housing costs for the UK with February’s data seeing the biggest monthly jump recorded by Rightmove in over 20 years.