London house prices have returned to their peak, according to the UK's largest property website. Rightmove.co.uk says sellers are now asking for an average 0.8% more than they were in November 2007. So the average asking price for London property stands at an eye-popping £416,157. But can you trust this data?
Looking at recent press reports of a "frenzied market" and "foreign buyers on shopping sprees", you'd be forgiven for thinking the boom times are back. But you'd be wrong. Rightmove focuses exclusively on the price a seller wants to achieve. This can be miles above the one actually paid when a sale completes, as James Ferguson points out in his latest Model Investor email.
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