Are London house prices falling or rising? Is London still continuing to buck the trend of falling prices across the rest of the country? Will the riots affect prices?
Anyone wanting to sell their home at the moment will find the information about the level of current house prices somewhat confusing.
The latest information from Rightmove indicates that in London there was an average fall of 1. 4% n the asking price for properties coming to the market in July from prices in June. This leaves the average asking price of a newly marketed home in the capital at just under £432, 650.
However this fall may be no more than the usual dip experienced during the summer months, with interest from buyers being lower during the holiday season.
Miles Shipside, director of Rightmove comments: “It is … likely that after a 7. 3% rise in the first half of the year, the London property market is pausing and reflecting whether prices have reached the current limit of affordability or buyers’ willingness to pay record levels”.
Land Registry figures show increase in London prices.
The Land Registry's House Price Index based on figures to the end of June 2011 shows an annual price decrease of -2. 5% across the country but reports that for London there was an average rise of 0. 8% from the same time last year. However the report also shows a fall of 0. 8% for prices in London from May 2011.
The Land Registry's figures are based on completed sales, so although they reflect prices actually achieved the figures lag behind sales currently being negotiated.
It does seem to be agreed that there is a general fall in the volume of sales, with figures from both Rightmove and the Land Registry confirming that after a rise at the beginning of the year fewer homes are now being sold.
The outlook for Conveyancing in London.
With mortgage finance continuing to be hard to obtain, and general unease over the world economic situation, it does seem that Londoners can no longer bank on rising house prices. It is reported that more younger people are renting rather than buying, so the supply of first-time buyers is clearly slowing the London housing market. It is perhaps too early to say what effect the recent riots in London will have on the property market, but they cannot help the overall situation.
One thing which is clear is that, for those who do have the finance, it is very much a buyers' market. So anyone selling a home should try to make sure that they don't lose a buyer once found. More than ever Conveyancing Solicitors acting for London sellers must be pro-active to ensure that everything is done to keep a sale moving.
Contact Fridaysmove on 0330 660 0826 for all Conveyancing in London or get a quote online.