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:

Bloomberg

Image credit: David Hawgood

 

About the author

Nicolas Holmes

Nick joined Robert Holmes to inject fresh ideas and help grow the New Homes department of Robert Holmes as well as helping to inject technology into the business and to grow its client base. Together with one of the Directors Nick is in charge of all Development opportunities that Robert Holmes deals with along with sales. Aged 40, he provides succession together with the two existing directors. Nick has always been focused on building client relationships and sales. He built up his own gallery in Chelsea, where he had a loyal following of customers and artists.

Related articles