London house prices see biggest annual fall for six years

It's important when selling a house that you take into consideration what the market is doing. London housing faces a situation where prices have seen their biggest decrease for six years. In the inner boroughs, including Kensington and Chelsea, the prices have dropped and people are just not willing to pay the amount that is being asked by the seller.

The outer boroughs like Bromley offer lower priced homes that are still selling without the same problems in price. It is important when pricing a home that you don't ask for an amount that will not be accepted.

The longer that a home stays on the market, the less interest it seems to stir. People look at it as a stale listing and are not as likely to be interested, therefore in this market, don't overprice things at the start and assume that you can reduce it later. It's best to price them at a level that people are willing to pay.

Key Takeaways:

  • Whilst average prices have fallen in 12 London boroughs since last January, the average asking price for a London home is still £624,953.
  • Over-priced homes are being more quickly disregarded by house hunters.
  • Reducing the price of properties by two or three per cent significantly boosts interest from potential buyers.

Key Quote:

"Inner London boroughs have seen house prices drop by an average of 2.1 per cent, with the biggest falls of 14.6 per cent in London's most expensive borough, Kensington and Chelsea, where average asking prices have dropped from £2.5 million to £2.1 million."

Read the full article:

http://www.homesandproperty.co.uk/property-news/buying/london-house-prices-see-biggest-fall-for-six-years-new-report-comes-as-a-warning-to-sellers-a108236.html

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