London property 'stagnating' on market

People with property for sale in London are refusing to lower their prices in the current downturn, it has been claimed.

The latest research from property website Rightmove.co.uk found that it now takes an average of 85 days to sell a home in the capital - up from 78 days as recently as June.

And according to spokesman Miles Shipside, this situation has arisen from the stubbornness of home-sellers in London - many of whom have long been used to rampant property inflation.

"Londoners have failed to get as much of a boost from the spring market this year," he commented. "This is likely to be a reflection of fewer new sellers being enticed onto the market in the capital in the current tough trading conditions."

Among the worst performing areas in the capital is the borough of Kingston-upon-Thames, which saw average home values plunge by a full two per cent over the past 12 months.

And yet despite the falling prices, analysts note that average asking prices for London property remain above the £400,000, keeping most first-time buyers locked out of the market.

Published 21st July, 2008

© 2008 Estates IT Limited

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People with property for sale in London are refusing to lower their prices in the current downturn, it has been claimed.

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