Sold prices for homes in London slipped 1.6% in November but the fall was lower than expected, according to property website Rightmove.
Housing market analysts report that new-to-the-market sellers have dropped their asking prices at this time of year for the last eight years, with an average drop of 1.9% over the last five years.
November typically sees a slowdown as sellers trim prices in the run-up to Christmas and this year’s is the smallest since 2011, according to Rightmove.
In London, asking prices are still up 8.1% in the past year to an average £619,866, compared with £630,050 in October.
Prime central London continues to be the main drag on values, according to Rightmove. It says homes valued at £5m or more slumped 11.5% in the third quarter of 2015 compared with a year earlier.
However, it expects price growth to continue next year after its survey found a majority of homeowners do not think their financial situation will worsen.
“It’s likely to be a short-lived respite as the combination of high confidence and low interest rates is a recipe for higher prices,” according to Rightmove director Miles Shipside.
For more information, click on the link below:
Image credit: David Hawgood