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London homes asking prices record biggest falls

POSTED ON 01 NOVEMBER 2017

According to property site Rightmove, asking prices for homes in London have recorded their biggest annual fall so far this decade

Dropping on average £18,000 in the space of a month, Rightmove have said that this news may in fact mask much larger falls in some of the capital’s most expensive boroughs.

The average asking price of a home in Kensington and Chelsea fell by more than £300,000 between August and September, and Camden was also hit.

The results suggest that a slump in the high-end central London market, described by Rightmove as a ‘readjustment’, may be gathering pace as Brexit uncertainty continues and tax changes prompt many wealthy investors to hold fire with purchases.

Rightmove said it measured more than 98,000 asking prices, which represented around 90% of the UK market.

The properties were put on sale between 13 August and 9 September and the annual fall of 3.2% for London was the largest drop so far this decade – and also the largest monthly fall for London since December 2016.

The figures come days after the Halifax said UK house price growth had picked up last month, with a 1.1% rise in August.

Rightmove said the average UK asking price for a home fell by 1.2%, or £3,660, over the past month to £310,000. This is the first fall recorded at this time of year since 2013 although the national average fall had been exacerbated by a 2.9% monthly drop in London.

Brian Murphy, head of lending at the Mortgage Advice Bureau, said the new data related to asking prices rather than completed transactions, “therefore enabling us to take a ‘temperature check’ in terms of market sentiment and behaviour”.

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