Sellers’ asking prices are rising quickly in London and the south-east, the property portal Home has reported.
However, it says that supply in the capital “seems to be overwhelming demand” as the typical time on market in London is now 20 days longer than it was in February last year.
Home also says the supply of fresh stock for sale is up by 51% year-on-year.
Despite less demand and more stock, London’s asking prices went up 1.8% in the last month, although sliding in prime central London.
There are also asking price rises in East Anglia, the west midlands and Scotland.
However, Home reports that asking prices are essentially static in the east midlands, Wales and the north-west, and have dropped by 0.9% over the last month in the north-west.
Overall, says Home, asking prices in England and Wales are 7.1% higher than a year ago.
Typical time on the market is 125 days, which is 18 days shorter than February a year ago.
Home’s Asking Price Index report is here
This morning, reporting on actual prices achieved, the LSL house price index said that house price growth had slowed to a ten-month low, with a monthly price fall in London during January.
The index puts the average house price in the UK at £277,857, up 0.3% on a monthly basis and 7.5% on an annual comparison.
The LSL report, however, is a long way removed from the prices achieved that are reported by the Land Registry.
This maybe useful data from a very small player – it might still be correct though.
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Its usual before an election especially one with such an uncertain outcome. The market likes stability. Q3 will be very busy… 🙂
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“…the typical time on market in London is now 20 days longer than it was in February last year.”
So – does that mean that yer typical Cockernee ‘ome is taking THREE WHOLE WEEKS now to sell?
Gor blimey! – the world is coming to and end, Guv… ;o)
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