Price fall for most popular London postcodes
The average asking price of property coming onto the market in London rose slightly this month by just 0.3%, according to new figures from Rightmove. However, new seller asking prices have fallen by an average of 4.4% (£21,203) over the last three months.
“The summer-selling recess has hit the prices of property coming to market in the capital pretty hard,” says Miles Shipside, housing market analyst at Rightmove. “Summer sellers have had some very stiff competition, not only from competing sellers chopping their prices but also from the Olympics extravaganza which has been more compelling for many than viewing property.”
Nine out of ten of London’s most expensive boroughs saw falls in new seller average asking prices this month, the one exception being Westminster which had a marginal rise of 0.6%. On average the ten most expensive boroughs are 1.5% lower compared to August, in contrast to the rise of 0.3% in London overall.
The report also takes a longer look at the last five years, since it is now exactly half a decade since the run on Northern Rock. New seller prices in London have outperformed every other region over the last five years, up by 18.7% since September 2007 while in England and Wales as a whole they have fallen by 0.1%.
“Demand has held up better in the south and has outstripped supply in many localities,” said Shipside. “In London in particular, property owners have seen their housing assets increase in value making them clear ‘credit-crunch winners’. The capital benefits from more cash-rich potential buyers or equity-rich homeowners who are able to put down the more substantial deposits required by lenders to buy or trade up. This is helping the London market to recover some of the pre-credit-crunch activity levels, with the number of sellers willing or able to come to market in London within 15% of 2007 levels. New seller numbers in other regions are down by an average of 24%”.buying house, estate agents, moving house, real estate, selling house
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