The average asking price for a London house is now a whopping £695,079. While that’s a slight dip from May, it’s still a 1.4% jump from last year, according to property experts Rightmove.

But some areas are seeing prices rise while others are taking a tumble. If you’re thinking of buying or selling, now’s the time to see how your borough stacks up!

North London Riding High, While South Feels the Pinch

Hold onto your wallets in Camden, where asking prices have shot up by a staggering 9.7% in the last year! The average house in this trendy borough will now set you back over a million quid – £1,119,816 to be precise.

Fancy living closer to the Surrey countryside? Merton’s your next best bet, with asking prices jumping 6% to an average of £772,133.

Over in West London, Hammersmith and Fulham are also feeling the heat, with a 5.3% rise pushing the average asking price to a cool £1,038,495. And even East London’s Newham is seeing a healthy 4.7% increase, bringing the average price to a (relatively) more affordable £483,913.

But don’t despair if you’re in South West London – while Merton might be booming, neighbouring boroughs Kingston upon Thames and Sutton are experiencing dips of 2.4% and 2.6% respectively. They’re joined by Hackney and Brent, down 2.7% and 2.9% respectively, making them the biggest losers in the London house price lottery.

Election Jitters and Mortgage Mayhem

So, what’s behind these fluctuating fortunes? Rightmove reckons the upcoming general election has put some sellers on edge, leading to fewer properties hitting the market, especially at the higher end.

And let’s not forget the dreaded M-word – mortgages. With the average five-year fixed rate now at 5.04%, compared to 4.94% in January, it’s no surprise buyers are feeling the pinch.

Estate Agents Remain Optimistic

Despite the uncertainties, estate agents are reporting a surge in buyer activity since the election date was announced. It seems the prospect of a bit of political stability has given those hesitant house-hunters a much-needed confidence boost!

And while first-time buyers might be disappointed by the lack of juicy promises from either Labour or the Conservatives, there are glimmers of hope. Both parties have pledged to help get more people onto the property ladder, whether it’s through “first dibs” on new builds or the return of Help to Buy.

The Bottom Line

The London property market is a fickle beast, but one thing’s for sure: it’s still a seller’s market in many areas. So, if you’re thinking of cashing in, now could be the perfect time.

But if you’re a first-time buyer, don’t lose heart! Keep an eye on those mortgage rates, do your research, and who knows, you might just bag yourself a bargain in one of the cooler corners of the capital.