London homeowners hoping to cash in on the booming property market were warned today they may have “missed the peak” after a surge in the number of sellers.
Average asking prices have dipped 0.5 per cent across the capital this month with 20 per cent more homes for sale and “common sense” buyers baulking at vendors’ inflated demands, according to property website Rightmove.
The biggest monthly fall was in Haringey, where average asking prices dipped 4.8 per cent, followed by Barnet and Kingston, both on 3.7 per cent.
Miles Shipside, Rightmove’s housing market analyst, said London was now “marking time” as the ripples from its five-year boom spread out across the country. He added: “Some sellers will be looking to cash in and possibly get a lot more house for their money further out, but they may have missed the peak in the rush to realise their gains as parts of London appear to have hit the upper price buffer.”
Mr Shipside said other factors taking the heat out of the market included the Government tightening up the home loan market through the Mortgage Market Review, which has made it harder for some buyers to secure finance.
