London prices fall by 2.9% in one month

Ryan Bembridge

September 18, 2017

London house prices fell by 2.9% in September, Rightmove’s house price index has found.

The London slowdown was so pronounced it dragged down monthly prices for the whole of England and Wales by 1.2%.

There were also monthly falls in Wales (-3.3%), the West Midlands (-1.3%), the North West (-1.2%), the South West (-0.4%) and the East of England (-0.2%), with the only locations where prices rose being the North East (0.5%) and Yorkshire & the Humber (0.2%).

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Miles Shipside, Rightmove director, said: “As we enter the Autumn selling season it is usual to see estate agents advising new-to-the-market sellers to push up their asking prices.

“But this year all four southern regions have seen new sellers on average asking less than those of a month ago, reducing the national rate of increase.

“There were Autumn price bounces nationally in 2014, 2015 and 2016, but the south of the country has turned this month into a bit of a damp squib, whilst some northern regions are still showing marginal signs of upwards price pressure.

“Estate agents are clearly advising many sellers that they have to lower their price expectations to fit in with buyers’ stretched financial resources, with that price compromise hopefully generating extra buyer interest.”

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