Property values set to rise again in 2016

Written on 16 November 2015 by Alistair Boscawen in Property News

House prices in London fell 1.6% in November and could fall further next month as vendors start to cut the price of their homes in the run up to Christmas.

london view
Lower than expected fall in November asking prices sees average price of a home in London slip 1.6% to £619,866

Research by Rightmove shows the average price of a home in Greater London is now £619,866, compared with £630,050 in October.

But in the past year, house prices in the capital have risen 8.1% and averaged £573,228 last November.

And the smaller than usual November drop indicates steeper value climbs next year.

Housing market analysts report that new-to-the-market sellers have dropped their asking prices at this time of year for the last eight years, with an average drop of 1.9% over the last five years.

Those looking to market their property as Christmas gets closer often have a greater sense of urgency to find a buyer and recognise that trimming their asking price will provide an incentive to potential buyers more focused on seasonal Christmas trimmings.’

But that is likely to be a short-lived respite as the combination of high confidence and low interest rates is a recipe for higher prices next year.

Rightmove reports that long-term low interest rates are typically a trigger for activity and price rises in the property market.

For more information, click on the link below:

This Is Money

Image credit: Robert Lamb

Alistair Boscawen

Alistair has 32 years’ experience as an estate agent, starting in the country house department of one of London’s main international agencies before moving to the Knightsbridge house department of the same agency and learning the difference in values between freehold, long lease and short lease houses in Knightsbridge, Belgravia, Chelsea and Mayfair.

All articles by Alistair Boscawen


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