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London Property Market Crashes In July

News that the price of the average property in London now stands at £379,162 and sellers are currently willing to knock off up to £20,000 just to finalise a sale has set the alarm bells ringing in the property sector. While it was obvious that the property market in the capital was under pressure the sudden lurch down in the value of the average home as shocked many.

If this is happening in London it is sure to follow in a number of other cities across the UK, although probably to a lesser extent. The problem now is that the more people who chase sales the larger the price reductions buyers can expect and the harder bargain they can negotiate. Is this the sell off which can often precede a recovery in the sector or is it just a reflection of the current state of the market?

In normal circumstances you could be mistaken for thinking that this is the start of the big sell off but with money becoming ever tighter in the UK and inflation bounding along there are still problems on the mortgage financing side with less 'free money' than ever before. However, for those with a nest egg available or able to arrange mortgage finance there is sure to be some great 'bargains' over the coming months.

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