Housing in London is selling almost three weeks longer than in 2017, which led to the fact that the average price in the British capital fell by 1% in February 2018 compared to the same month last year - up to $ 875,430. The reason for this rise is the lack of supply. Cautious property owners who can afford to slow down with the sale prefer to do it in the hope that the market will recover.
The average time required for the sale of London real estate is 83 days compared to 64 days a year earlier, according to Rightmove.
At the same time, Rightmove reports that in January the company's website was visited by more than 141 million people. This shows that there are many potential buyers for the "right" property. Therefore, from January to February 2018 prices jumped by 4.4% - $ 37,240.
Homeowners in the eastern London district of Hackney, where there was the most significant long-term price increase in the capital, most did not want to sell property at a discount. And for sale was exhibited by 22% less homes than a year ago. As a result, in this area, the price increase was registered at 3.6% - up to $ 913,660.
Rightmove's manager Miles Shipside noted that the lack of new offers in more expensive central areas indicates that some potential sellers are waiting, preventing excessive competition and falling prices. Nevertheless, owners who can not afford to wait are forced to exhibit their objects at a more attractive price.
This is good news for first time buyers. They saw that the market prices in the sector they needed were slightly reduced for the year to $ 682,800. Almost half of all objects sold in London in 2017 accounted for the first buyers - the highest share since 2001.
Earlier it was reported that the construction sector in Romania is slowing down.