London house prices: 3 boroughs where valuations have slumped in the past month

Move iQ: How to maximise your property’s value

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

According to the real estate firm, Rightmove, London was the only region in the British Isles where house prices didn’t grow last month. Instead, home evaluations in the capital shrunk by 0.4 percent. New data has shown this March to be the best ever spring sellers’ market with the national average asking price breaking through the £350,000 barrier for the first time.

The average valuation of a property coming to market jumped by 1.7 percent (+£5,760) to £354,564.

Not since March 2004 has a larger monthly rise been witnessed at this time of year.

As a result, the annual rate of increase grew to 10.4 percent, with all regions and countries except London and Scotland now up over 10 percent annually.

When the data for London is looked at more closely it reveals that three London boroughs recorded a negative monthly change between February and March.

These were:

  • Lambeth: -1.3 percent, £649,307 (average house price)
  • Newham: -0.4 percent, £447,913
  • Hounslow: -0.2 percent, £569,704

All three areas are still showing positive annual growth, though they do all rank within the bottom six of London’s 32 boroughs.

In comparison, the three London boroughs which reported the highest monthly change in house prices were:

  • Haringey: 4.7 percent, £655,764
  • Hillingdon: 2.7 percent, £543,437
  • Kingston upon Thames: 2.4 percent, £683,359

DON’T MISS: 
EU savaged after Verhofstadt wades into Boris backlash [EXPLAINED]
RAF Emergency: High alert as plane sounds 7700 ‘Squawk’ code [NEWS]
Royal LIVE: Oscars threatened with boycott over Meghan and Harry [LIVE]

The results for March also indicate the average number of days it took for a property to sell in London fell for the first time in four months – falling from 68 to 57 days.

London remains the most expensive region in the country to buy a house, with the average asking price now scored at £664,400.

In comparison, the UK area which saw the biggest average growth in house prices for March, was the north east (3.6 percent).

Meanwhile, the south east and Wales made up the remainder of the top three, with each recording growth of 3.3 percent.

Estate agents have urged those looking to move to take advantage of the sellers’ favoured market for two key reasons.

At present, there are thought to be more than twice as many buyers as sellers.

Consequently, this has given way to the biggest mismatch between supply and demand that has ever been measured by the business.

The likelihood of finding a buyer in the first week is also at its highest point ever, and twice as likely compared to the same period in 2019.

Source: Read Full Article