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%.
The proportion of first-time buyers set to enter the property market has seen a recovery from the record low seen last quarter.
The Rightmove House Price Index has seen an increase in average asking prices every October for the past 10 years, so it was perhaps not surprising to see a 3.1% rise over the past month.
An October increase of 4.3% or less would have meant London prices fell year-on-year. However, the 18,497 sellers who came to the market in the last month increased their average asking prices by 5% compared to sellers in the previous month.
Welsh sellers coming to market in October went against the trend of the rest of the country by pricing their properties at -0.6% less than a month ago.