May Monthly News Letter from Capital Heights
The price of property coming to market in Greater London is now an average of 1.5% cheaper than this time a year ago, a rate of fall not seen since May 2009. The fall is mainly driven by Inner London, down by 4.2% (-£35,504), while Outer London is up 1.7% (+£9,017). Since last month, asking prices in both Inner and Outer London have fallen, though again it is Inner London with a monthly fall of 3.6% that is dragging the overall average down. Outer London remains broadly flat, down 0.2% (-£1,177) on the month.
The bottom and middle price sectors are holding up better, while the top end is still re-adjusting. Typical first-time buyer properties (two bedroom or fewer) are both up for the month (+1.3%) and for the year (+0.5%).
The typical middle market of “second-stepper” homes (three and four bed properties excluding four bed detached houses) also shows price resilience, both down only marginally month-on-month (-0.7%) and year-on-year (-0.2%).
It is the top of the ladder that continues to suffer. This sector covers asking prices at the top end of the market, with all five bed properties and above, as well as four bed detached houses. The fall of 11.9% this month reflects volatility in one month’s figures in a smaller section of the market, but the annual rate of fall of 7.3% is a more reliable longer-term indicator of the challenges that this sector is facing.
our thoughts, if you are considering selling your property or have your property on the market already, give us a call, we can help advise you on what would be the best price to market your property and what would be the best plan of action to achieve the highest price. We have had a busy March and April and believe this trend will continue this year.