Property owners with properties in London will be keeping a careful eye on the state of the market in the capital. Property website Rightmove says that new sellers in London in July 2011 set their asking prices on average 1.4% lower than in June. This means that the average asking price of a newly marketed house in London is £432,641.

Miles Shipside, director of Rightmove comments: “Summer sellers have missed the traditionally brisker spring selling season so have to price a bit more keenly to appeal to their holiday distracted audience. It is also likely that after a 7.3% rise in the first half of the year, the London property market is pausing and reflecting whether prices have reached the current limit of affordability or buyers’ willingness to pay record levels”

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