The London property bubble shows renewed signs that it is beginning to burst. Property sellers in the UK have reduced their asking prices and London property prices have fallen by 7.8 per cent on average and as much as 30% in some areas according to City AM today.

London_propertyCity AM – Data via Zoopla

“People trying to sell their homes are increasingly having to mark down their original asking price – and the amount they are dropping it by is going up.

Last month we heard that sellers in some London boroughs were having to drop prices by as much as 29 per cent, but new research suggests the issue is even more wide-spread – and the amounts are getting bigger.

On average, sellers are now reducing their asking price by more than £25,000 – a jump of £4,000 of 17 per cent since the start of the year, according to Zoopla.

Almost a third (29 per cent) of properties currently listed for sale on the portal have had their price reduced at least once since originally being listed – an increase of 0.43 per cent since start of 2016.

London certainly has its fair share of price cut-backs – as with the previous study, Kensington & Chelsea came out top, but this time around there is an even higher proportion of homes being marked down (33.3 per cent compared with 29 per cent). Homes in this borough were reduced on average by £137,421.

London as a whole had an average reduction percentage of 7.8 per cent – above the overall national average of 6.86 per cent.”

The full article can be on City AM here.

Sharp falls in London and UK home prices will severely impact the heavily indebted and vulnerable UK economy.

Gold and Silver Prices and News

Gold slips as dollar holds firm after U.S. jobs data (Reuters)

Belarus Central bank deputy wants to build up gold and fx reserves (Reuters)

Japan Stocks Rise First Time in Seven Sessions After U.S. Jobs (Bloomberg)

Gold jumps after U.S. payrolls data misses forecasts (Reuters)

Gold Jumps as Jobs Deal ‘Devastating Blow’ to Fed Rates Outlook (Bloomberg)

Jim Grant Asks When World Will Realize “That Central Bankers Have Lost Their Marbles” (Zero Hedge)

Historic Dow Jones-Silver Ratio Points To $300 Silver (SRS Rocco Report)

Death of the Gold Market (Mylchreest via GATA)

Gold-and the COT Report: Words Fail Me (Goldseek)

Why Gold Is Hot Again (Bloomberg)

Read More Here

Gold Prices (LBMA)

09 May: USD 1,277.75, EUR 1,121.54 and GBP 884.68 per ounce

06 May: USD 1,280.25, EUR 1,121.06 and GBP 883.04 per ounce

05 May: USD 1,275.75, EUR 1,114.95 and GBP 879.23 per ounce

04 May: USD 1,280.30, EUR 1,114.18 and GBP 883.59 per ounce

03 May: USD 1,296.50, EUR 1,118.15 and GBP 881.32 per ounce

Silver Prices (LBMA)

09 May: USD 17.33, EUR 15.21 and GBP 11.99 per ounce

06 May: USD 17.31, EUR 15.15 and GBP 11.93 per ounce

05 May: USD 17.38, EUR 15.21 and GBP 12.01 per ounce

04 May: USD 17.18, EUR 14.96 and GBP 11.86 per ounce

03 May: USD 17.49, EUR 15.10 and GBP 11.92 per ounce

Protecting_Your_Savings_in_the_Coming_Bail_In_Era_-_Copy-3.jpg Essential_Guide_to_Storing_Gold_in_Singapore.jpg 7_Key_Storage_Must_Haves.png

Read Our Most Popular Guides in Recent Months

The post London Property Bubble Bursts appeared first on GoldCore Gold Bullion Dealer.