The London and UK property bubble shows renewed signs that it is beginning to burst. Property sellers in the UK have reduced their asking prices and London property prices have fallen by 7.8 per cent on average and as much as 30% in some areas according to City AM today.
City AM � Data via Zoopla
�People trying to sell their homes are increasingly having to mark down their original asking price � and the amount they are dropping it by is going up.
Last month we heard that sellers in some London boroughs were having to drop prices by as much as 29 per cent, but new research suggests the issue is even more wide-spread � and the amounts are getting bigger.
On average, sellers are now reducing their asking price by more than �25,000 � a jump of �4,000 of 17 per cent since the start of the year, according to Zoopla.
Almost a third (29 per cent) of properties currently listed for sale on the portal have had their price reduced at least once since originally being listed � an increase of 0.43 per cent since start of 2016.
London certainly has its fair share of price cut-backs � as with the previous study, Kensington & Chelsea came out top, but this time around there is an even higher proportion of homes being marked down (33.3 per cent compared with 29 per cent). Homes in this borough were reduced on average by �137,421.
London as a whole had an average reduction percentage of 7.8 per cent � above the overall national average of 6.86 per cent.�
We looked at the property bubble developing in the Dublin market last week. Sharp falls in London and UK home prices, besides severely impacting the UK economy, will also likely lead to prices falls in an increasingly frothy Dublin property market.
Gold Prices (LBMA AM) 09 May: USD 1,277.75, EUR 1,121.54 and GBP 884.68 per ounce 06 May: USD 1,280.25, EUR 1,121.06 and GBP 883.04 per ounce 05 May: USD 1,275.75, EUR 1,114.95 and GBP 879.23 per ounce 04 May: USD 1,280.30, EUR 1,114.18 and GBP 883.59 per ounce 03 May: USD 1,296.50, EUR 1,118.15 and GBP 881.32 per ounce
Silver Prices (LBMA) 09 May: USD 17.33, EUR 15.21 and GBP 11.99 per ounce 06 May: USD 17.31, EUR 15.15 and GBP 11.93 per ounce 05 May: USD 17.38, EUR 15.21 and GBP 12.01 per ounce 04 May: USD 17.18, EUR 14.96 and GBP 11.86 per ounce 03 May: USD 17.49, EUR 15.10 and GBP 11.92 per ounce
The content on this site is protected
by U.S. and international copyright laws and is the property of GoldSeek.com
and/or the providers of the content under license. By "content" we mean any
information, mode of expression, or other materials and services found on GoldSeek.com.
This includes editorials, news, our writings, graphics, and any and all other
features found on the site. Please contact
us for any further information.
Live GoldSeek Visitor Map | Disclaimer
The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy
or completeness of the information (including news, editorials, prices, statistics,
analyses and the like) provided through its service. Any copying, reproduction
and/or redistribution of any of the documents, data, content or materials contained
on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC,
is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be
liable to any person for any decision made or action taken in reliance upon
the information provided herein.