Asking prices for newly listed homes in UK’s richest borough fall by £100k in one month
Summary
The average asking price for newly listed homes in the UK’s richest borough, Kensington and Chelsea, fell by about £95,000 in one month. Across the UK, average asking prices dropped by 2% in August, the biggest August fall in eight years, mainly due to more competition among sellers and higher mortgage costs squeezing buyers.Key Facts
- The average asking price in Kensington and Chelsea dropped from about £1.65 million to £1.55 million in one month.
- Nationally, newly listed home asking prices fell 2% in August, the largest drop in that month since 2015.
- London saw the biggest price drop among regions, with a 4.4% fall, around £30,000 less on average.
- The number of homes for sale in London is the highest in 16 years, increasing competition among sellers.
- Buy-to-let investors (landlords) are buying more homes and often paying less than the asking price, taking advantage of the weaker market.
- In July, landlords made up 14.1% of home purchases, higher than earlier in the year.
- More than half of landlord offers in July were at least 10% below asking price, a level not seen since early 2020.
- Sellers are increasingly likely to accept low offers, especially for leasehold properties, with 41% of those low offers accepted.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
