Big price drop: London homes lose £30,000 in a month

Average asking prices in all of London’s 32 boroughs have seen a drop.

According to Rightmove’s House Price Index, the average asking price of a London home has dropped by more than £30,000 in November. 

The biggest losers were Hammersmith & Fulham and Hackney, where asking prices dropped by 7% and 6% respectively.

Figures show that asking prices for homes on sale in Britain plummeted 3.3% to an average of £258,424 this month. The year will end with the largest ever monthly fall in price of property coming to market - down by nearly £9,000.

This year, asking prices across the UK rose by 7% and are expected to grow in 2015 too, albeit at a slower pace.

In a statement, Rightmove said: “London will not be the price rise powerhouse leading the rest of the country as it has been in 2014.

“Sectors of the London market will continue to readjust with several different forces at play. Affordability has already been stretched to its limit in some inner London locations, and there are also winners and losers with the stamp duty changes. The threat of mansion tax on properties over £2m will remain a deterrent until at least May’s election.”

Across the UK, average asking prices dropped month on month everywhere except Wales. New sellers saw a 2% rise in asking prices in November, at an average of £167,271.

Miles Shipside, Rightmove director and housing market analyst, said: “Though sellers are fewer in number at this time of year, those that do come to market are often keener to sell so price lower in a bid to stand out.

“The overall picture for the year is still one of a much recovered property market, with sellers and their estate agents confident enough to be putting property on the market at a higher price on average than a year ago, although we predict a slower pace of price growth in 2015.”

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