In July sellers of real estate in London continued to cut prices due to an increased supply on the market which amounted to additional 15% year on year, according to ee24.com citing bloomberg.com.
The average price of property decreased by 0.4%, or almost by £3 thousand, amounting to £587,174 (€741,158). Markets in England and Wales as a whole behave similarly, housing prices there fell by 0.8%, for the first time since December.
Miles Shipside, director of Rightmove, says that this new trend indicates that some sellers ask more than buyers consider as affordable or fair price.