Property prices rise as sellers refuse to budge

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Figures out today show asking prices in the capital have gone up by an average of £3,757 in the past month.

The biggest increase was in Hammersmith, where asking prices are now £23,589 higher than a month ago.

In Wandsworth, the rise was £17,308, in Hounslow it was £14,192, in Ealing £13,038 and in Camden £12,933.

At the other end of the scale, asking prices in Hackney fell by £13,691, leaving values in the Olympic borough little higher than a year ago.

Prices also fell in the most expensive borough, Kensington & Chelsea.

But the £67,539 drop barely dented the borough's annual rise of more than 30 per cent, with the average property now worth £1,194,965.

Miles Shipside of Rightmove, which compiled the figures, said that despite optimism among sellers and agents, the average period for properties to stay on the market was still one of the longest ever at 90 days.

However, agents are reporting a trend for sellers who are in no hurry to move to ask very high prices and refuse to budge. This in turn is prolonging the time taken to exchange contracts.

Borough	February -08	January -08	Monthly Change (%)	Monthly Change (£)	February-07	Annual Change (%	Annual Change (£)
Barking and Dagenham	£238,007	£233,711	1.8%	£4,296	£215,448	10.5%	£22,559
Barnet	£466,853	£464,365	0.5%	£2,488	£398,076	17.3%	£68,777
Bexley	£230,361	£225,408	2.2%	£4,953	£219,929	4.7%	£10,432
Brent	£515,311	£512,942	0.5%	£2,369	£429,460	20.0%	£85,851
Bromley	£325,200	£323,712	0.5%	£1,488	£305,880	6.3%	£19,320
Camden	£692,513	£679,580	1.9%	£12,933	£562,737	23.1%	£129,776
City of Westminster	£943,898	£947,341	-0.4%	-£3,443	£837,421	12.7%	£106,477
Croydon	£288,301	£286,589	0.6%	£1,712	£256,580	12.4%	£31,721
Ealing	£409,371	£396,333	3.3%	£13,038	£356,634	14.8%	£52,737
Enfield	£325,284	£328,550	-1.0%	-£3,266	£292,416	11.2%	£32,868
Greenwich	£255,201	£254,551	0.3%	£650	£240,686	6.0%	£14,515
Hackney	£416,227	£429,918	-3.2%	-£13,691	£408,993	1.8%	£7,234
Hammersmith and Fulham	£693,257	£669,668	3.5%	£23,589	£561,984	23.4%	£131,273
Haringey	£399,664	£408,253	-2.1%	-£8,589	£357,579	11.8%	£42,085
Harrow	£333,141	£330,721	0.7%	£2,420	£303,076	9.9%	£30,065
Havering	£272,536	£267,240	2.0%	£5,296	£249,690	9.1%	£22,846
Hillingdon	£349,489	£345,827	1.1%	£3,662	£318,870	9.6%	£30,619
Hounslow	£452,301	£438,109	3.2%	£14,192	£412,135	9.7%	£40,166
Islington	£509,844	£514,726	-0.9%	-£4,882	£464,816	9.7%	£45,028
Kensington and Chelsea	£1,555,251	£1,622,790	-4.2%	-£67,539	£1,194,965	30.2%	£360,286
Kingston-upon-Thames	£507,687	£505,533	0.4%	£2,154	£444,091	14.3%	£63,596
Lambeth	£396,555	£389,325	1.9%	£7,230	£368,264	7.7%	£28,291
Lewisham	£326,527	£323,942	0.8%	£2,585	£301,516	8.3%	£25,011
Merton	£398,948	£391,004	2.0%	£7,944	£342,318	16.5%	£56,630
Newham	£261,468	£258,177	1.3%	£3,291	£250,784	4.3%	£10,684
Redbridge	£308,194	£302,559	1.9%	£5,635	£280,346	9.9%	£27,848
Richmond-upon-Thames	£561,579	£555,441	1.1%	£6,138	£455,331	23.3%	align="center">£106,248
Southwark	£361,936	£359,602	0.6%	£2,334	£343,784	5.3%	£18,152
Sutton	£348,040	£338,134	2.9%	£9,906	£318,309	9.3%	£29,731
Tower Hamlets	£394,673	£395,648	-0.2%	-£975	£348,548	13.2%	£46,125
WalthamForest	£306,687	£302,425	1.4%	£4,262	£284,538	7.8%	£22,149
Wandsworth	£510,981	£493,673	3.5%	£17,308	£466,531	9.5%	£44,450
Greater London	£402,233	£398,476	0.9%	£3,757	£359,989	11.7%	£42,244