Asking prices 'up 42%' in London

House sellers' asking prices in London, Cambridgeshire, Berkshire and Surrey have made the strongest gains since the financial crisis struck, while those in County Durham, the Isle of Wight, West Yorkshire and Teesside have the furthest distance still to recover, according to a property website.

Average asking prices in central London and the City tower 41.9% above pre-crisis peak levels
Average asking prices in central London and the City tower 41.9% above pre-crisis peak levels

With an average price tag of £1.5 million, average asking prices in central London and the City now tower 41.9% above the levels seen when the housing market was at its pre-crisis peak in May 2008, Rightmove has found.

West London, which like central London has been a strong pull for wealthy overseas investors, has seen the next strongest price growth since the previous peak of the market, with average property asking prices now standing at £564,192, which is 41.7% higher than in May 2008.

The study, which covered England and Wales, found that at the other end of the scale, property prices in County Durham had the biggest percentage jump still left to climb to reach their levels at the previous peak of the market.

The average asking price in County Durham stands at £114,554, which is 13.4% below the typical amount requested by sellers in May 2008.

In Teesside and West Yorkshire, asking prices are still around 9.1% below 2008 levels, while in the Isle of Wight they still have a 10.7% climb.

All areas of London have seen asking prices increase by at least 30% when compared with May 2008, Rightmove said.

Outside London, Cambridgeshire has seen the strongest recovery in sellers' asking prices, Rightmove found, with prices up by 21.9% on their 2008 levels to reach £311,933 typically.

The London commuter belt areas of Berkshire and Surrey have seen the next strongest asking price growth, recording increases of 16.4% and 16.1% respectively since 2008.

Looking further north, Rightmove found that only a handful of areas have seen asking prices surpass their pre-crisis peak levels.

Cheshire and North Yorkshire bucked the general northern trend, with asking prices there having nudged above the previous peak of the market.

House sellers' asking prices in Cheshire are now 1.1% higher than in 2008, standing at £213,618 on average.

Those in North Yorkshire have reached £244,776, which is 0.1% higher than in 2008.

But stepping over the North Yorkshire border into Lancashire, asking prices in the county are still 9% below the peak of the market, at £153,339 typically.

The study also found that asking prices in South Wales are at 1.9% below their 2008 levels, while those in North and Mid Wales have a 6.9% climb to get back to the 2008 peak.

The figures come from a new "house price trendometer" tool which Rightmove has created to allow people to see how asking prices in their area have fared since the website's records started in 2001.

It can be found at

Miles Shipside, director of Rightmove, said: "While at a high level the South has out-performed the North, being able to dig underneath that courtesy of the millions of properties advertised on Rightmove since 2001 shows a really varied county versus county performance."

Here are the average asking prices for properties in August 2014, listed from the areas which have seen the biggest increases since 2008 to those that have seen the biggest decreases, with the percentage change seen since May 2008, according to Rightmove:

Central London and City, £1,512,555, 41.9%

London, West, £564,192, 41.7%

London, North West, £596,387, 37.1%

London, North, £545,956, 34.2%

London, South West, £613,771, 33.9%

London, South East, £416,101, 31.9%

London, East, £384,511, 29.8%

Cambridgeshire, £311,933, 21.9%

Berkshire, £421,807, 16.4%

Surrey, £534,119, 16.1%

Buckinghamshire, £404,487, 15.4%

Hertfordshire, £396,022, 14.9%

East Sussex, £338,098, 12.2%

West Sussex, £345,824, 11.2%

Essex, £289,957, 11%

Oxfordshire, £387,159, 9.1%

Wiltshire, £263,850, 6.8%

Dorset, £324,373, 6.1%

Avon, £263,641, 5.4%

Warwickshire, £245,734, 5.3%

Northamptonshire, £194,746, 4.5%

Hampshire, £283,217, 4.2%

Kent, £274,032, 3.7%

Somerset, £253,269, 2.7%

Gloucestershire, £268,370, 2.3%

Leicestershire, £190,334, 2%

Suffolk, £213,273, 1.7%

Cheshire, £213,618, 1.1%

Hereford and Worcester, £235,585, 0.9%

Bedfordshire, £235,295, 0.6%

Norfolk, £215,237, 0.3%

Devon, £249,836, 0.2%

North Yorkshire, £244,776, 0.1%

Derbyshire, £177,228 minus 0.8%

West Midlands, £148,226, minus 1.2%

Birmingham, £178,318, minus 1.3%

Nottinghamshire, £159,063, minus 1.4%

South Wales, £166,577, minus 1.9%

Cornwall, £258,445, minus 2.5%

South Lincolnshire, £187,489, minus 2.7%

North Lincolnshire, £151,272, minus 3.1%

Cumbria and Northumberland, £170,496, minus 3.4%

Staffordshire and Shropshire, £173,027, minus 4.4%

South Yorkshire, £142,602, minus 5.5%

Greater Manchester, £157,189, minus 6.1%

Tyne and Wear, £141,468, minus 6.7%

North and Mid Wales, £186,004, minus 6.9%

East Riding of Yorkshire, £135,426, minus 8.4%

Merseyside, £148,452, minus 8.9%

Lancashire, £153,339, minus 9%

Teesside, £131,943, minus 9.1%

West Yorkshire, £154,574, minus 9.1%

Isle of Wight, £231,738, minus 10.7%

County Durham, £114,554, minus 13.4%