London house sellers 'must price property accordingly'

Date:Friday 14th November 2008
Author: Susanna Kavka

It is "vital" for sellers in London to price their properties appropriately, it has been claimed.

Michael O'Flynn, content editor of FinadaProperty.com, said that it is a buyers' market at present and that anyone seriously intending to sell needs to "price competitively".

He noted, though, that sellers are usually buyers as well, "so what they lose on their property they will hopefully gain back on the place they buy".

Mr O'Flynn cited recent research by Hometrack which found that the percentage of the asking price met in the selling price had hit the lowest level ever, adding that it demonstrated the "price sensitive" nature of the market.

According to Knight Frank, prices for property in prime central London dropped by 3.9 per cent in October.

This was the fastest rate of decline ever recorded.

Prices have dropped by 13.4 per cent since the peak in March and by 10.8 per cent in the last 12 months.