London house prices fall

Published:
18 August 2008
Topic:
News,Money,Mortgages

House prices in London have been slashed by homeowners keen not to miss out on a potential sale, new figures have revealed.

A house price index report from property agent Rightmove shows that sellers in the capital have drastically dropped their selling prices to fall in with the rest of the country and to make London homes more affordable for potential buyers.

The change in pricing trends has seen house prices in the capital drop 5.3% in the last month, putting the city in negative territory for asking prices year on year.

Miles Shipside, commercial director of Rightmove, said: "Londoners have so far been largely insulated from the price falls taking place elsewhere in the country.

"However, sellers who choose to come to the market during the peak holiday season generally have a greater need to sell, and as a result properties coming onto the market in July were on average £21,000 cheaper than last month."

All but six of the 32 London boroughs had cheaper asking prices than last year, he added.

Copyright © PA Business 2008

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