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Soaring home prices in London push buyers to the sidelines

London

RUTH Marchand said her six-bedroom house in the leafy south London village of Dulwich would have sold within six weeks if she'd offered it earlier this year. Instead, she's still waiting for the first bid two months after the property went on the market.

"Nothing is selling now," said Ms Marchand, who said she doesn't expect a deal before Christmas. "Any comparable houses in the area are still on the market."

London's soaring home prices, which peaked this year, have pushed buyers to the sidelines. Lending restrictions and sluggish wage growth have also curbed demand, now at a more than six-year low, as buyers wait for values to decline further.

It costs about 25 per cent more a month to pay...

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