Housing Solicitors

London homeowners wanting to sell may have missed the peak in property prices, according to a report in the Evening Standard newspaper.

A sudden surge in the number of sellers in London’s property market has led to a dip in asking prices, according to housing market analysts at Rightmove.

In June, average prices across London fell by 0.5%. Rightmove also reported a 20% increase in the number of properties for sale.

The summer months are traditionally the most popular months for marketing homes for sale. However, Rightmove says that “common sense” buyers are refusing to be panicked into paying high prices for homes.

The London Borough of Haringey saw the biggest monthly fall in house prices with a 4.8% fall. In both Barnet and Kingston, a fall of 3.7% in the average house price was recorded.

Lenders have recently introduced stricter criteria for homebuyers – including questioning potential borrowers on how much they spend each month on mobile phone top-ups and gym membership.

The Bank of England has also warned that lenders must ensure borrowers will be able to afford mortgage repayments when interest rates rise.

Miles Shipside of Rightmove told the Evening Standard:

“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.”

Duncan Lewis Housing Solicitors

Duncan Lewis is a leading firm of specialist housing solicitors and can advise homeowners on matters such as debt and mortgage repossession.

Duncan Lewis housing solicitors can also act for rental tenants regarding Local Authority housing, disrepair of rental property, housing benefit, housing possession and unlawful eviction.

For expert advice on housing law, contact Duncan Lewis housing solicitors on 020 7923 4020.