Peter Rollings commenting on Nationwide's house price figures
Fri 03 Apr 2009
Londons house price slump is at the bottom now. I dont for a minute think prices are going to go anywhere fast, but they should stop falling. Bank of England mortgage approvals were up 19% in February on the month before which will feed through into sales over the coming weeks. Demand in London is already noticeably higher for good quality properties weve seen more than 25 properties go to sealed bids in the past two months. Some properties are now going for over the asking price.Although there is still some downward pressure on prices, on the whole, sellers have now adjusted their asking prices to a realistic level and buyers are putting in offers very close to asking price. House prices have reached the bottom they wont go back up fast by any means, but they will stay stable now.
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