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Property prices rise as sellers refuse to budge
Mira Bar-Hillel, Property Correspondent18 Feb 2008
London's home-sellers are refusing to accept the downward trend in prices.
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% | |
| 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 |
Reader views (3)
So Stephen, Virginia, USA just because we are in the depths of a "world wide housing crash" Londoners are supposed to jump and drop prices in blind panic? If sellers are refusing to budge on prices then that's their choice, if they wish to leave their properties on the market for longer to attain a better price then good for them! There must still be buyers out there if allowing Londoners to make those prices. If there's nothing forcing you to sell in a hurry why rush to sell in a bear market? Good for you London! Don't fuel panic!
- Onwer Occupier, London, 19/02/2008 11:29
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My friends have been trying to sell their house in a desirable part of London since October. They have dropped the price by 30 thousand pounds and not had one offer yet. Now there are 5 houses for sale on their street and they are not moving either. Why are estate agents advising new sellers to up their asking prices? They are not selling at last year's prices!
- Lisa, London, 19/02/2008 11:04
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Are Londoner's not aware of the world wide housing crash that is amongst us? Wake up and smell the coffee!
- Stephen A, USA, Virginia, 19/02/2008 01:39
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