Spring has sprung but house prices remain on hold.

Traditionally Easter signals the beginning of the best season for sales in the capital but this year the number of new sellers is down 4% compared with this time last year – and new sellers have trimmed their asking prices by 0.5% in comparison with last month.

According to Miles Shipside, Rightmove director and housing market analyst comment: “From the perspective of both the weather and property price rises, spring appears to have been put on hold in the capital.

The traditional spring-time boost to prices has failed to materialise in April, though with a track record of heady rises over the last 12 months it is perhaps not surprising that London is pausing for breath.” This unseasonal price lull has resulted in the annual rate of increase dropping sharply from 9% in March to 6.2% this month.

London is still by far the best performing region in England however, with its closest counterpart being the South East with a modest 1.1% rise. Shipside adds: “Property prices in the capital are exploring the upper waters, and often prices will calm for a while before breaking through to a different level.

There is a limit to what many buyers can afford, and the traditional spring momentum has failed to carry it through the current barrier for the time being.” “The snow and freezing temperatures perhaps induced thoughts of spending time in warmer climes, delaying would-be trader-uppers from coming to market. Those with a choice of when to sell often pitch their prices a bit higher than those who cannot put off the decision, so we might see a price bounce-back next month as London sellers belatedly spring into action.”

Despite these news Kensington & Chelsea remain the most expensive Borough followed by Westminster.

For more information: http://www.rightmove.co.uk/news/articles/property-news/spring-on-hold-as-london-prices-pause-for-breath