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June 19, 2007

London boroughs see decline in asking prices

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by Kay Mitchell

London boroughs see decline in asking prices

Average prices in London rose 0.7% in June, this figure was below the national average of 0.8% – the first time since December. Average national asking prices reached a new record high of £239,317, due to the new properties being put up for sale to beat the Home Information Packs (HIPs) deadline. Estate agents witnessed a 10% leap in property listings.

This is the first time in six months that asking prices in London have dropped below the national average and according to property website, Rightmove, this could signal an end to the housing boom.

London boroughs such as Fulham and Hammersmith have experienced a decline in asking prices.

The end of a housing boom is usually triggered by a slowdown in London’s prices and monthly price rises in London have been outperformed by half of the regions in the UK for the first time in 6 months.

Southwark was down 2.8% to an average asking price of £369,300, being London’s worst performer. However Chelsea, Camden and Kensington were top performers.


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