The Evening Standard have reported that the average asking price of a home in London has dropped by 0.4%, although the average asking price is still a hefty £624,953.
Inner London boroughs have dropped by 2.1% while the outer boroughs have increased by 1.4% showing the market for more affordable homes is still going strong.
What Does This Mean?
Research by Rightmove speculates that slow growth and falling house prices are attributed to over priced homes being discarded by home hunters. Research also showed that over 80 agents report their market is price sensitive meaning that pricing your home a few percent higher is costing sellers and having a negative impact.
Miles Shipside, Rightmove director says:
“Perhaps we’re approaching the territory where many buyers are unable or unwilling to pay what sellers are asking, given the negative combination of rises in the cost of living, tighter lending criteria and a dose of Brexit uncertainty”.
“Over-pricing loses you that vital initial interest and impetus, and buyers often have reservations about a property that has not sold as quickly as others, or has had a price reduction.”
How to Get the Best from the London Market
If you’re struggling to find a buyer for your home in the volatile London market the next best option may be to find a professional cash buyer.
The NAPB list of members can offer you a solution if you’re selling your home in London.
All NAPB members follow the same professional standards, outlined in TPO’s Code Of Practice, and home owners are treated fairly & are able to make an informed choice about how to sell their home.