PropertyMay 21 2018

London sellers forced to accept £27k less than asking price

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London sellers forced to accept £27k less than asking price

Home sellers in London were forced to accept £27,000 less than the price they wanted in April in order to complete a sale, according to data from property website Rightmove.

Nationally the difference between asking and selling price was £10,000.

The average home in the UK now sells for £305,000, according to the website's data.

Overall, house prices rose between March and April, by 1.6 per cent.

The segment of the market with the largest increase in asking price was first time buyers, where prices increased by 2.2 per cent in a year, and the average home now costs £190,000.

House at the top end of the market increased in value by 0.9 per cent over the past year. The average house in this area of the market now costs £542,000.

House prices in the North East of the country remain cheapest, with an average asking price in the region in April of £150,000.

The North East also had the widest gap, in percentage terms, between the asking price and sold price, at 4.5 per cent, compared with 4.4 per cent in London as a whole.   

David.Thorpe@ft.com