The October figures

Rightmove's October index, published on 19 October, shows the average asking price of a newly listed home in Great Britain rising 1.0% to £371,015. London drove the national figure. Asking prices in the capital rose 2.5% in a month, the largest increase of any region, and inner London rose 3.9%.

London prices remain 1.7% below a year ago, after falling 6% across July and August. Nationally, there are more homes for sale than at this time of year in any year since 2014, and agreed sales are 8% lower than a year ago, broadly in line with the year to date.

What the rise tells us

Rightmove is clear that one month does not make a recovery, and part of the rise is seasonal, with flexible sellers choosing to come to market in the autumn. It does show London sellers beginning to hold firm. Benham and Reeves describe an "enough is enough" mentality among owners who regard London property as one of the strongest assets they can hold.

Why this suits a patient buyer

  • Choice is unusually wide. Stock is at its highest October level in twelve years, so buyers can compare far more options than in a typical autumn.
  • Room to negotiate remains. 38% of London listings have been reduced, and homes take 78 days on average to find a buyer.
  • The mansion tax question is settled for most buyers. Speculation about lowering the threshold to £1.5 million has ended. The additional annual charge applies to homes valued above £2 million, from April 2028.
  • Cash buyers are insulated. The average two-year fixed rate has risen to 5.55%, which is weighing on mortgage-dependent buyers. Buyers funding in cash, as many of our overseas clients do, negotiate without that constraint.

What we are doing

We are using this window to secure pricing and payment plans on new-build London stock for clients who plan to hold for the long term. On the London schemes we offer, 75% to 80% of the price is due on completion, which spreads the commitment across the build. You can view our London developments or arrange a private consultation.

The bottom line

London sellers are pricing with more confidence, while buyers still have wide choice and room to negotiate. These are asking prices rather than sale prices, and one month is not a trend, but for a buyer with cash or a long horizon the autumn is a good moment to look closely at the capital.