Right Move report a return to peak for London house prices
November 11, 2009
According to recently released figures property prices in London have managed to claw their way back to the level that they were at when they reached their peak back in 2007.
In fact, officials from one property website said that sellers were now asking for slightly more for homes in London than they were when property prices peaked in 2007. Officials from Right Move have said that asking prices are now around 0.8 percent higher for London properties than back in 2007.
Property owners in the area have had their hopes of selling property at a price that they are happy with increased as a result of speculation about recovery in the property market, a renewal of confidence amongst buyers, and reports that mortgage lending levels have been going up.
In some wealthier areas of London asking prices have soared by a massive 13 percent in the space of just one month.
Kensington and Chelsea as well as Hammersmith and Fulham are areas where asking prices have gone up by 12-13 percent in a month since September.
An official from Right Move stated: ‘Agents report a frenzied market in the best locations with supply at a premium, and buyers competing hard. Opportunities to buy cheaply in one of the most popular capital cities of the world may come along once in a decade. With prices lower due to the financial jitters in the City, combined with the weakness of the pound, foreign buyers are on a shopping spree.’
He also said that now could be a good time to sell, adding: ‘Buyers are ready to pounce on new instructions and are willing to proceed as they believe prices have bottomed. Now could be a good time to sell, as the spring market could be curtailed by pre-election paralysis, with the post-election market dampened by the next Government having to implement its austerity package’.
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