Monday, November 22, 2010
NOW that’s what I call a reality gap!
"A spectacular â€œreality gapâ€ has opened up in London between asking prices in estate agent windows and what buyers are prepared to pay, research reveals today. The difference has increased more than tenfold since 2003, leaving many buyers frustrated by prices that are often little below or even above their boom-time highs. In 2003 the gap between average asking prices in London and average sale prices stood at Â£6,574, or about three per cent. But by this year it had exploded to more than Â£79,000 or 24 per cent. Estate agents say the phenomenon helps to explain why the capital's property market has been so sluggish in recent years."