London prices hit new highs on "frenzy"

Overseas investors are in a "frenzy". London house prices at new high

Asking prices in London saw an "unsustainable" 10 per cent month-on-month increase in October, pushing typical asking prices in the capital to STG544,232, leapfrogging a previous high set in July by more than STG28,000.

Prices across the country are 3.8 per cent higher than they were a year ago, although in London they have shot up by 13.8 per cent over this period, Rightmove said.