Asking prices in London fell 2.9 percent in September, marking their biggest drop for a decade.
House prices fell by an average of £18,000 since last month, according to the latest figures from property website Rightmove, with expensive areas such as Chelsea and Camden being hit the hardest.
According to the Telegraph’s calculations, a new seller in Camden would be marketing their property for almost £74,000 less than they would have done exactly one year ago, while a new seller in Hackney is asking for almost £63,000 more than they would have done in September 2016.
House prices over the whole of the UK fell during the month, down by 1.2 percent to mark their third fall over the last four months.
Rightmove’s Miles Shipside said of the figures:
“Estate agents are clearly advising many sellers that they have to lower their price expectations to fit in with buyers’ stretched financial resources, with that price compromise hopefully generating extra buyer interest,” he said.
Rightmove’s figures took into account over 98,000 asking prices on properties listed for sale between 13th August and the 9th September, representing around 90 percent of the UK market.
