Cortex prices in London fell slightly by 0.4% (£2,591) in November, as the downturn in the Christmas real estate market arrived earlier.
Traditionally, December is the quietest month for home sales. Sellers who are eager to get an offer before Christmas are promoting their homes at lower prices. Shift right Index display.
The marginal drop in the average asking price in the capital of £647,817 reflects the same pattern across the country.
The national average price fell by 0.6% (£2,044)-the largest monthly decline since the 0.9% drop in January last year.
Experts say this may be the market cooling before the traditional Boxing Day craze when people start to look for new homes on Christmas Eve.
“Despite the soaring real estate market, which has led to a shortage of options for potential buyers, new sellers have lowered the average asking price by 0.6% to give buyers early Christmas gifts.
Tim Bannister of Rightmove said: “Sellers who come to the market when Christmas is approaching usually have an urgent reason to sell at a more attractive price.”
Where the asking price in London has risen
The November Rightmove Asking Price Index revealed a fragmented pricing map in London, with the largest house price increases in outer boroughs, where properties are considered more affordable, and the most unique area in central London where the average asking price is well above the £1 million ceiling.
In the 12 months to November, Bromley’s annual asking price increased the most, rising by 6.5%, bringing the average price to £595,819.
Merton (5.8% to 686,169 pounds), Barking and Dagenham (5.4% to 350,102 pounds), Bexley and Havering ranked among the top five districts with the largest year-on-year asking price increases.
However, as international buyers and students returned to the luxurious core of the capital after the Covid-19-induced exodus, the annual asking prices of Kensington and Chelsea rose by 4.5% (ranked 8th in the ranking), and Westminster’s Asking prices increased by 4% (ranked 9th.) This campaign brought the advertising value to 1,585,005 and 1,444,014 pounds respectively.
“As the tourism industry begins to open up this year, we are starting to see more deals in Kensington and Chelsea and Westminster. Rokstone Director Chris Sellwood said the market is specific to real estate, but buyers are mainly looking for access to the public Houses or apartments with gardens or outdoor entertaining spaces.
“Apartments in blocks without outside space or being moved are popular. But if a property meets all the conditions, we will see multiple offers,” he added.
New data from LonRes shows that in the three months from August to October, house prices in central London increased by 4.6%, and the number of home sales worth more than £5 million increased by 10%.
Where can I buy “bargains” in London?
Asking prices in the eight districts of the capital have fallen in the year to November.
The biggest decline was 4.4% in Islington, with an average market value of 734,152 pounds, followed by Southwark (-4.1% to 615,670 pounds) and Haringey (-3.1% to 639,703 pounds).
The asking prices of Ealing, Hammersmith and Fulham, Camden, Hackney, and Lewisham have also fallen—a negligible price drop of 0.1%.
Richard Palfreeman of Northfields Estate Agents, Ealing, said that after a year of house price increases, there will be “bargains” next month because buyers are distracted by celebrations and paused searches. Thereby reducing the competition of each house.
