Appropriate prices 'vital' in London

Posted: 14 Nov 2008 10:30:36 GMT

It is crucial that home-sellers in London price their properties appropriately if they are to have any joy in the current market.

According to FindaProperty.com, the credit crunch has brought about the conditions for a buyers' market, meaning that serious sellers will have to attract interested purchasers with low prices.

Michael O'Flynn, content editor at the property site, explained that falling prices do not mean that the seller will lose out because they will most likely be buying another property at a reduced price as well.

"It's a difficult message for sellers to hear, but the bottom line is that this is a buyers' market. If you are serious about selling you have to price competitively," he added.

"The upside for sellers is that they are usually buyers too so what they lose on their property they will hopefully gain back on the place they buy."

Earlier this month, Knight Frank reported that prices for prime property in central London fell by 3.9 per cent in October, the fastest rate of decline that the consultant has ever recorded.

© Houseladder Ltd