House sellers in London less willing to drop asking prices
House sellers in the capital are feeling increasingly confident as the number of sellers willing to drop their asking prices fell last month.
There was a 51 per cent decrease in the number of home-sellers being prepared to drop their asking prices in August, compared to July.
Estate agency Chestertons said a return of seller confidence was likely to lead to London’s property prices rising.
August sales were up 54 per cent on July, thanks to a growing demand from buyers, the agency said.
Cory Askew, head of sales, at Chestertons said: “Whilst the avalanche effect of the stamp duty holiday has worn off, London is seeing a return of office workers and steady influx of international buyers.
“Sellers have taken note of this and, with a higher demand for properties, don’t feel the need to lower their asking price.”
Chestertons found that buyer enquiries were up 18.2 per cent with viewings up 8.6 per cent compared to the five-year average performance for the month of August.
London boroughs that experienced high demand from buyers included Islington, Fulham, Canary Wharf and Battersea.
The national average price of property coming to market hit an all-time high after rising 0.3 per cent this month, to £338,462.
The new record is only £15 higher than the previous record set in July, suggesting a stabilising prices, according to Rightmove’s house price index.
Buyers are facing fierce competition to buy with demand per property on the market more than double levels prior to Covid.