Rightmove's latest House Price Index - London 

Scarcity of new sellers shows signs of helping London market to stabilise

• The price of property coming to market falls by a modest 0.2% (-£939) in London this month, compared to the average 0.6% July fall over the last five years
• Number of new sellers down 18% on the same period a year ago preventing over-supply and underpinning prices
• Signs of market bottoming out with time to sell the same as a year ago at 67 days

The price of property coming to market in Greater London falls by a modest 0.2% (-£939) this month. This compares favourably to the average 0.6% monthly fall for July over the previous five years. A significant drop in the number of properties coming to market is helping to balance supply with the reduced demand, and underpin prices.

Miles Shipside, Rightmove director and housing market analyst comments: “New seller asking prices have fallen by just 0.2% this month, but a fall at this time of year is the norm and it is comparatively healthy when compared with the five-year average. There is no glut of forced sellers, which is preventing the over-supply that could have led to a downward price spiral in this period of reduced buyer activity.”

The number of new sellers this month is down 18% on the same period a year ago. TfL Zones 1 to 3 see the biggest scarcity of new-to-the-market listings, with drops in excess of that average in each of these zones. With the limited fresh choice for buyers and the substantial price drops that we have seen since the peaks of a few years ago, there are tentative signs of the market bottoming out. The average time taken to sell a property is the same as it was a year ago at 67 days, a further sign of stability returning to the market with no further deterioration in key metrics.

Shipside adds: “The lack of sellers coming to market is more pronounced the closer to the centre of London you get. TfL Zones 1 to 3 all have over 20% fewer new sellers this month compared to the same period 12 months ago, (with prime central Zone 1, 29% down on July 2018) having the most stay-away sellers. Owners in this area are typically able to pick and choose when to come to market, as they tend not to have a pressing need to liquidate their assets. They have perhaps decided to spend an extended summer break at one of their other properties around the world and wait for this stabilisation of the London market to turn into a recovery.”

Borough data is based on a three month rolling average and can be used as an indicator of overall price trends in each borough over time. It is not directly comparable with the overall London monthly figures.

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Information courtesy of Rightmove PLC