As Average London House Prices reach £1m by 2020, International and UK SMEs will have to Go Virtual

In news that will buoy Virtual Businesses trading from the UK with a virtual office in London, house prices in the capital are skyrocketing year on year.

he average London home could cost £1m by the end of the decade, according to a study by property website giant Rightmove. 

Prices in Greater London reached an all-time high of £620,003 in September, jumping 2.2% (£13,177) since August.

Annual growth rate is now 10.5 per cent.

Rightmove’s Miles Shipside put it thus: 

“This month’s 2.2 per cent rise more than reverses the seasonal slowdown over the last two months."

An increase in rent was seen by 45 per cent of people renewing their rental contracts, CityAM said, with an average rent hike of 2.5 per cent.

This is tough news for non-property owners, who may have to move outside the capital, where house price increases are a mere 6.4 per cent annual average.