The average asking price for a home in London in August 2002 was £244,967, a fall of a combined 1.9% in July/August this year. According to a monthly report by property agent Rightmove, asking prices dropped for detached and semi-detached houses, whilst prices rose for flats and terraced houses showed no change.
Asking prices in the south-east also fell by 1.8%, bringing the average asking price down to £198,575 with detached houses leading the fall. Average prices outside London continued to rise, but at a slower rate.
Data has showed that the rate of growth fell for the fourth month running across England and Wales to 4.5% in April plus 0.8% in August 2002. The average asking price for homes across England and Wales currently stands at £147,957.
A spokesman for the Royal Institute of Chartered Surveyors confirmed that demand in all areas for property is good and that fortunately there is less pressure to buy before prices shoot up. Independent housing commentator, John Wrigglesworth, said that although prices are starting to stabilise in London and the south-east, the market remains solid overall and will remain so for at least the next 12 months.