|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |    25th of February 2018
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Property News feed Property News

All Financial News feed All Financial News

Londoners make large cuts in asking prices

Bookmark and Share

by Gill Montia
Londoners make large cuts in asking prices

In the past fortnight homeowners in London have begun to drastically reduce asking prices to secure a sale.

Research from property search engine, Globrix, has revealed that those anxious to find a purchaser before Christmas are prepared to knock over £100,000 off the price of their homes.

In the capital’s two most expensive boroughs, Westminster and Kensington & Chelsea, the average price drop stands at £108,166 and £100,797 respectively.

In Camden the cut averages £55,728; Richmond £44,313; Lambeth £40,842; Barking & Dagenham £11,464; Havering; £11,629 and Newham £11,213.

Taking the London property market as a whole, Globrix calculates the average reduction at £28,796.

Outside the capital, Globrix found that Nottingham asking prices had been reduced by an average of 8.2% since 10th November, while in Cardiff the cut is around 6%.

It would seem that a general reluctance by British homeowners to accept that property prices having been falling for the past year is being eroded by reality.

The mortgage market remains severely constricted by the credit crisis, with the number of loans for new house purchases falling an annual 57% in September, to a mere 35,000.

Discuss this in the Finance Markets forums

Story link: Londoners make large cuts in asking prices

News posted: November 27, 2008

Financial Services:

Related financial stories to: Londoners make large cuts in asking prices:
Previous: «
Next: »

Visited 3240 times, 1 so far today

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

Tags: , ,