Monday, 16 June 2014

London Property Prices Falling Says Rightmove



Image: Freedigitalphotos.net

Property website, Rightmove has reported that asking prices in London have dropped this month as fears over the affordability of homes in the capital deepen and more properties are put up for sale.

Rightmove declared that the market has come "off the boil", citing tougher mortgage rules and the prospect of growing interest rates alongside a 23 percent jump in the number of homes on the property market.

London property prices has been a concern for the past year - with buyers powered to enter bidding wars for houses in a market lacking supply - conditions which have tipped purchasers into borrowing even more.

It said that asking prices across England and Wales were at a "virtual standstill", rising by just 0.1 percent or £272 on the previous month to reach £272,275 on average.

Whereas London recorded a 0.5 percent monthly decline in asking prices, Rightmove said they were still up by 14.5 percent compared with June 2013 to now stand at an average £589,776.