London property Bucks the Trend for November

New-to-the-market sellers in London slightly reduced their average asking prices by 0.4% this month, retaining most of last month’s large gains when Rightmove recorded prices going up by 5%. London continues to buck the national trend as generally the UK saw a much larger average price fall of -3.2%.

Miles Shipside, director of Rightmove comments: “In times of economic uncertainty, there is a flight to quality when it comes to where people choose to invest. London’s limited property supply and domestic as well as international demand are helping to insulate its property prices from some of the downward pressures being experienced elsewhere in the country”.

London’s property investment health is also shown when comparing average asking prices compared to a year ago, with a growth annual rate of 3.5%. This is the highest of any region and compares to the national average of 1.3%. The number of new sellers coming to the market dropped by 9.1% on last month as the approaching Christmas season starts to discourage sellers from entering the market.