London house prices have fallen on average by around £28,000 in the last month, as the downturn in the property market hits the capital. The survey by property website Rightmove finds that prices fell by 6.8% in London, compared with 3.2% for the rest of the UK.
In Kensington and Chelsea, the average house price fell by £20,000 per week, and by over £10,000 a week in inner city areas like Hackney. The average asking price fell from £1,653,696 to £1,572,814 in Kensington and Chelsea, and from £473,377 to £425,007 in Hackney.
The annual picture is different though, and house prices in the capital have actually risen by 41% in the last twelve months. This is another sign that property buyers are becoming more reluctant to spend their money in a declining market, forcing homeowners to drop their asking prices.
According to the property website, the figures have been distorted slightly by the introduction of Home Information Packs (HIPs) for smaller properties:
“Many sellers who have listed this month have priced below the market to try to sell. It is wrong, however, to speculate that prices will continue to fall based on one month’s statistics from a quiet December.”
All this will make it harder for homeowners to sell their property quickly if they need to do so for any reason. If this is the case for you, Molae Properties will be able to arrange a quick sale, which will save you weeks and months of waiting for your house to sell via an estate agent.
