The property market continues to make progress in London despite a drop in asking prices for homes on the market throughout the city and surrounding areas in June 2014. According to recent reports from Rightmove, new sellers whose properties were either newly listed or had not been listed very long were offering their homes at 0.5 per cent less than other homes and properties listed on the market. The month over month increase in asking price dropped citywide from 9 per cent in March to just over 6 per cent in April.
The number of new homes on the market and new sellers is also on the decline. Reports indicate that the number of new sellers in London has declined by more than 4 per cent from where it was last year at this same time. Experts indicate that the numbers show that the city is not experiencing its typical boost in sales and purchases that comes with Spring each year. However, this is not alarming the market since steady increase in the property market and investments have been seen nearly every month for the past year, a trend not seen for quite some time throughout the United Kingdom. In London, numbers were up in several places throughout the month of April, including Camden, up by 4.5 per cent, City of Westminster, up by 2.4 per cent, Sutton, up by 2.4 per cent, and Bromley, up by 2.4 per cent.
Home sellers are also regaining their confidence in the market which may signal positive things for the future. Sentiment Indexes from Knight Frank/Markit House indicate that for the first time in more than three years homeowners believe that the value of their homes has risen in the past 30 days.