The average price of a house in London reached £376,605, according to the last Academetrics’ research. This price is £748 above the previous high recorded in February 2008, before house prices started falling.

Academetrics says the effect of London on its price measures is strengthening, as it has in the past when it also led the recovery.

Transaction numbers in London for the three months Dec 2009 – Feb 2010 are up 86% on the same period for the previous year, although the previous year included Jan & Feb 2009, when transactions were at a record low. The increase of 86% in the number of properties sold in London compares with an increase of 51% for the remainder of England & Wales over the same period.