Property asking prices show surprise rise as rash of high-value homes hit the market
Asking prices for London properties have risen by 0.4% in December as City workers rushed to sell high-value homes before Christmas.
The surprise rise came after a 1.3% fall in asking prices in November. Rightmove, which surveys the market in its House Price Index, speculated that the rise in asking prices was due to worried City workers attempting to sell their properties.
Tower Hamlets, home to the financial hub of Canary Wharf, saw twice as many properties in the £750,000 to £1m region coming to the market than in November.
In a statement, Rightmove said: “Given the backdrop of tough market conditions, we would have expected the average price of property coming to the market to have fallen substantially.
“However, looking beneath the headline figures we believe this rise in average prices results from the malaise affecting London's financial sector. Sellers of higher-value properties have been forced to come to market, pushing up the average for sale price.”
Rightmove also found that property prices fell 5.1% in the year to December.