by Mark O’Byrne
The London 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.
“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.