Asking prices for newly listed homes in UK’s richest borough fall by £100k in one month

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The average asking price for homes in the UK's richest borough has fallen by nearly £100,000 in one month amid fierce competition leading some sellers to reduce price expectations. Nationally, the average asking price also dropped by 2%, marking the largest August decline in eight years, highlighting cooling demand.

Fierce competition in some areas of London means landlord purchasers are making successful lowball offers The average price of a home coming up for sale in Britain’s richest borough has dropped by almost £100,000 in a month as fierce competition among sellers in many areas prompts some to slash their price expectations, data shows. The property website Rightmove said that for Britain as a whole, average newly listed asking prices for homes had fallen by 2% over the past month, the largest August price drop in eight years. Continue reading...