London house prices have risen by an average of 4.2 per cent in the last month, according to research from Rightmove.
The property website's House Price Index reveals that potential homeowners hunting for properties in the capital will be part of a three-tier market consisting of the low loan to value 'elite', the 'bargain-hunting bottom feeders' and the average buyer in the middle.
The middle tier is suffering from "paralysis" because of a lack of UK mortgage offers and "insufficient equity to trade up", the website said.
Miles Shipside, director of Rightmove, commented: "With lenders stating that they expect mortgage lending to remain static at around 2010 levels throughout 2011 and new seller numbers practically unchanged year-on-year, what might have been seen as a passing phase of low transaction levels in the housing market now looks set to be the norm for the foreseeable future."
London House Price News
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