Asking prices in the capital have dropped by 2.9%, the equivalent of £18,000, subsequently leading to a fall in average UK property prices just at the time we turn up the heating for autumn.
According to Rightmove, this drop in price is brought about by falling prices in the capitals more expensive boroughs such as Kensington & Chelsea and Hammersmith and Fulham. This combined with rising prices in more chic areas such as Hackney and Southwark have led to a ‘compression’ of sorts in the average asking price.
This is the third drop in four months and it has left many boroughs across the capital with contrasting fortunes. For instance, Kensington and Chelsea have seen its property prices plummet by more than £300,000 in the span of just a month; A newly-marketed home would now cost in the region of £1.8m as opposed to £2.1m. Hammersmith and Fulham fell by 8% and a new seller in the borough of Camden would now be asking almost £75,000 less than if they asked back in August. However, not all central areas have fallen. Take Southwark for example, where prices have jumped up by 7%.
In short, the rising prices in more outer boroughs such as Waltham Forest and Bexley compared with the declining prices in more affluent areas means that the latest figures are set to assist buyers looking to buy London Property and it looks like there’s never been a better time to do it.