London house prices rebound

London house prices rebounded in May, rising to a record as buyers and sellers defied the usual trend of holding off on property transactions before an election.

The average asking price in the city rose 2.1 per cent from April to £649,864, property website Rightmove said on Monday. The capital’s annual rate of price growth remained subdued at 0.9 per cent following a 1.5 per cent drop last month. That was the biggest annual decline in almost eight years.