London property 'stagnating' on market
People with property for sale in London are refusing to lower their prices in the current downturn, it has been claimed.
The latest research from property website Rightmove.co.uk found that it now takes an average of 85 days to sell a home in the capital - up from 78 days as recently as June.
And according to spokesman Miles Shipside, this situation has arisen from the stubbornness of home-sellers in London - many of whom have long been used to rampant property inflation.
"Londoners have failed to get as much of a boost from the spring market this year," he commented. "This is likely to be a reflection of fewer new sellers being enticed onto the market in the capital in the current tough trading conditions."
Among the worst performing areas in the capital is the borough of Kingston-upon-Thames, which saw average home values plunge by a full two per cent over the past 12 months.
And yet despite the falling prices, analysts note that average asking prices for London property remain above the £400,000, keeping most first-time buyers locked out of the market.
Published 21st July, 2008
© 2008 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
St John's Wood brings the village atmosphere to the capital
St John’s Wood is a great location for people looking to capitalise on all the benefits of London living without being caught up in all the hustle and bustle.
Read Article ... Published on 26th May, 2015
Yeading: Enjoy peaceful city living in an up-and-coming area
Yeading is a laid-back and peaceful residential area situated north-east of Hayes and is one of the most up-and-coming areas of the capital.
Read Article ... Published on 26th May, 2015
Hanwell: A green, peaceful environment for Londoners
Hanwell is a small town located in the Borough of Ealing and is in between Ealing and Southall, providing excellent transport links to the rest of the capital.
Read Article ... Published on 26th May, 2015
Mitcham Carnival announced for June
Mitcham Carnival has been announced for Saturday June 13th at Three Kings Piece.
Read Article ... Published on 22nd May, 2015
Hammersmith and Fulham Council start Park consultation
Hammersmith and Fulham Council have launched a new consultation on Hammersmith Park, inviting local residents to have their say on the area and how it can be improved.
Read Article ... Published on 22nd May, 2015
New conservation areas planned around Waltham Forest
Waltham Forest has announced plans for two new conservation areas near Lloyd Park and Bakers Arms town centre.
Read Article ... Published on 20th May, 2015
Sutton Council announces Take Part Take Pride summer festival
Sutton Council has announced its Take Part Take Pride summer festival.
Read Article ... Published on 20th May, 2015
Brent Council teams with Brent Housing Partnership in new project
Brent Council has partnered with the Brent Housing Partnership as it aims to improve the standard of housing for local people.
Read Article ... Published on 19th May, 2015
Gardeners prepare for Islington In Bloom
Islington Council is preparing for this year’s “In Bloom” event by teaming up with local gardeners to identify the best greenery available in the area.
Read Article ... Published on 15th May, 2015
New fitness centre set to open in Manor Park
A new fitness centre is expected to be opened in Manor Park by Newham Council.
Read Article ... Published on 15th May, 2015
People with property for sale in London are refusing to lower their prices in the current downturn, it has been claimed.