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Average UK house price hits £305,732 as London property market continues decline


London house prices falling at fastest pace since recession, new data reveals
Estate agents warned unrealistic pricing was a way for sellers to shoot themselves in the foot

The average UK house price rose to a record high of £305,732 this month, according to the latest figures from Rightmove, but London property values continued to fall.

The average asking price was up 0.4 per cent between March and April for the UK overall, which was a 1.6 per cent increase compared to this time last year.

However, the actual selling price being achieved nationally is 96.7 per cent of the asking price, meaning an average difference of more than £10,000 based on the average price of £305,732.

Meanwhile, sellers in the capital are achieving on average just 95.6 per cent of the asking price, which translates to a difference of more than £27,000 on the new seller average asking price of £628,039 in London.

“Homebuyers are seeing average asking prices at their highest ever level with upwards price pressure getting stronger the further away you move from London. However, higher prices stretch buyers’ willingness to pay or ability to afford them,” said ” said Rightmove director Miles Shipside.

“In the more popular locations and for the property with the right specifications, buyer demand is helping to push prices higher. A lack of choice is nudging prices up to test the ceiling of what the market will pay.

“It’s not rampant price inflation, and buyers can easily spot a speculative price and ignore a property that is out of line with others nearby, and is also likely to be out of kilter with their pocket.”

Lucy Pendleton, co-founder and director of estate agents James Pendleton in south London, said unrealistic pricing “is a favourite way for vendors to shoot themselves in the foot”.

“The difference between asking and sold price proves just how many houses have been priced badly recently,” she added.

“Many sellers could have improved the amount paid for their homes if they had encouraged more viewings on day one, rather than going for gold with an overambitious ticket price.

“Being in denial about this means you will only deny yourself the best possible price for your property.”

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