New data from Home.co.uk has shown that the prices in London’s most expensive areas are dropping. The data shows the price fall in six out of ten central London areas.
In Belgravia over the last 12 months until September, the prices had fallen by 8% and in Chelsea by 3.5%. The new mortgage rules, known as the Mortgage Market Review and the increase in supply both play a part in the price drop.
The inflation in house prices across London are cooling off and the average asking price fell by 0.1% between August 2014 and September 2014 and only prime central London areas are being affected.
Generally it has been an incredible year for the property prices in London. Some areas of Greater London have surpassed the 19% rise where as other areas have not performed as well.
Henry & James tend to agree and disagree with this statement. If a property is priced correctly it is possible for offers to go over asking price. This has recently been proven with exchanges on properties seeing a 4.3% increase over asking price which is already 20% up on last year. However, there are still many properties that have been on the market for longer that have had to reduce in price.Back to News