21 Apr

London defies asking price trend

London defies asking price trend

A new survey has indicated that asking prices are rising in every region of England and Wales, with the exception of London.

The average amount being requested by sellers in April rose 1.8 per cent from March, increasing from £218,081 to £222,077, with seller numbers up 22 per cent.

East Anglia saw the largest jump, up 5.1 per cent during the month.

However, in London the average amount being asked was down 3.2 per cent over the same period, from £399,867 to £387,161 with only three of its boroughs seeing asking prices increasing.

Commenting on the trend, Rightmove's commercial director Miles Shipside commented that the market now appears to be "bumping along the bottom of the trough", but noted that "thankfully", mortgage funding is starting to increase, a factor he deemed necessary for recovery.

The most recent Land Registry figures - which covered the year up to February 2009 - revealed that the average house price in London had fallen 15.6 per cent in the previous 12 months, compared with 16.5 per cent for England and Wales as a whole.
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