Buyers reject London asking prices
property for sale in London has taken a further hit this month, falling by 1.2 per cent as the housing market records its tenth consecutive monthly drop in prices.
According to the latest report from housing data analyst Hometrack, average house prices across Britain dropped by 4.4 per cent and currently stand at their October 2006 levels.
Richard Donnell, director of research at the company, explained that the proportion of the asking price being received by property sellers is also falling.
Pricing was weakest in London where the proportion of the asking price achieved was just 90.2 per cent on average, he added.
"With no immediate end in sight to the current uncertainty, activity levels are likely to remain suppressed with prices remaining under pressure into the autumn."
According to figures published recently by the Land Registry, average house prices in London fell by 2.5 per cent in June - more than any other region in England and Wales.
Published 28th July, 2008
© 2008 Estates IT Limited
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Property for sale in London has taken a further hit this month, falling by 1.2 per cent as the housing market records its tenth consecutive monthly drop in prices.