London property prices fell from February to March, figures released today show.
New seller asking prices dropped by 0.4 per cent according to online property market Rightmove. It is the first time in three years that prices have retreated in March.
High-end property values saw their asking prices trimmed by 2.6 per cent. Demand for high-end properties has been hit by stamp duty changes and Labour’s proposed mansion tax. First-time buyer property prices slipped by 0.2 per cent. Tighter lending criteria and high prices are acting as a barrier to first-time buyers, Rightmove said.
“This month fits the consistent pattern of ebbs and flows in many different localities within the overall London market, with prices still going up in some better-value boroughs and still going down in others that have overshot. The consistent theme is of a re-adjusting market, evidenced by the first fall at this time of year for three years,” said Miles Shipside of Rightmove.
Best performing areas
Average asking prices by market sector
|Top of the ladder||£1,430,502|
Worst performing areas
|City of Westminster||-17.1%|
London average asking prices