How your house price has fallen
The tens of thousands slashed from the prices of homes across London are revealed today.
New figures reveal the full extent of the slump that has seen prices fall in all but one London borough.
In one area prices have fallen by 20 per cent in just four months.
Interest rate rises and economic jitters are blamed for the rapid cooling of the market after seven years of soaring prices. Now sellers are on the back foot.
Miles Shipside of Rightmove, the website that compiled the figures, said: "Owners of highvalue properties in swanky parts of town are slashing prices to find a buyer."
His report notes the peak prices in each borough this year and compares them to today's.
It shows that:
- The biggest loser in London is Westminster. Average prices were more than £600,000 in July. Today they have fallen by more than £120,000 - 20 per cent.
- Average prices in Hammersmith and Fulham have fallen by 16.2 per cent since July and in Kensington and Chelsea they have dropped by 12.2 per cent.
- North and south London are equally afflicted. Prices have fallen by over £20,000 in Camden, Hounslow, Brent, Wandsworth, Kingston and Richmond.
- London-wide, the average price cut is ?15,766 - 5.4 per cent.
Mr Shipside said: "The country experienced a 'false dawn' this autumn, as sellers thought a benign economic environment would tempt buyers back.
"In fact, interest has remained weak and this month alone we've seen a fall in asking prices in London of £5,670 or two per cent."
It now takes 11 weeks on average to find a buyer compared with only eight weeks in May.
London estate agents now have about 20 per cent more properties than in January.
Experts believe the slowdown could signal the end of interest rate rises and a revival but Ed Stansfield of Capital Economics said: "With prices still near an all-time high relative to incomes, any upturn would be short-lived."
