Asking Prices Surge in London
Tue, 20 Oct 2009
First time buyers looking to purchase in London are likely to be affected by the increasing asking prices in the region.
RightMove, a prominent online property website has reported that asking prices for London are up 6.5% on Septembers figures to £416,157.
The average asking price has exceeded the previous highs seen in November of 2007 at £412,731. Some are sighting this as a further sign of recovery in the housing market however Rightmove believes it is a result of diminished housing stock.
Director of Rightmove, Miles Shipside, said: "Some agents are virtually 'sold out' and are reporting available stock levels in single figures. In this sort of market sellers quite naturally will be tempted to test buyer appetite at a higher figure."
Housing sale stock has been further diminished by those ‘trapped’ in their house by negative equity.