Asking prices in London plummet

[kukuuk101]

Figures from property website, Rightmove, have shown that asking prices for houses in nearly every London borough have plummeted in just a few weeks with the average asking prices in Kensington and Chelsea falling £33,000 to £1,458,558, which represents a 2.2% fall between March and April.

Furthermore, asking prices dropped by 2.7% (£14,604) in Richmond and 2.4% (£10,303) in Ealing.

Consequently, sellers are being forced to offer huge discounts.

The falls experienced in the normally buoyant Kensington and Chelsea could be made much worse by the possibility of job losses in the City. Those who are made redundant may have to sell very quickly and accept low offers, according to Rightmove.

Rightmove said only five boroughs reported increases with values in Hackney increasing by 3.8% (£17,616 per property). Westminster also noted increases of almost 1% (£8,854) on average asking prices, while in Kingston values rose 1.3% (£6,357).