London home sellers raised asking prices by the most in seven months in September as a lack of properties for sale and investors looking for safer assets amid financial-market turmoil bolstered values, Rightmove Plc said.
Asking prices rose 2.4 percent from August, when they fell 3.4 percent, the property website said in an e-mailed report today. Separate data from Rightmove showed national home values gained 0.7 percent after a 2.1 percent decline in August.
While values are being supported by record-low interest rates, waning consumer confidence and lenders’ insistence on large deposits are preventing the housing market from gaining momentum. Demand in London has been boosted by cash-rich buyers investing in property amid European financial volatility over attempts to avert a Greek default, Rightmove said.
“London’s buoyant property market looks set for a brisk autumn as buyers chase a more limited choice of fresh properties,” Miles Shipside, commercial director of Rightmove, said in the report. “With the continuing turmoil in the financial markets, and the threat of a Greek default, we are seeing a flight to safe assets.”
National asking prices rose 1.5 percent in September from a year earlier to an average 233,139 pounds ($368,700), Rightmove said. In London, Britain’s most expensive property market, prices were up 7.2 percent on the year to 427,889 pounds.
Bloomberg
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