Asking prices for homes in England fell 2% over the month in August — the steepest August drop since 2018. The average price of a newly listed property slipped to £364,999. In London the fall was sharper: down 4.4% over the month and down 3.1% on August last year.
The reason is record choice. There are so many sellers on the market that buyers can pick, and sellers have to compete on price. In the capital the supply of homes reached its highest since 2010, and the average time to sell rose to 73 days — longer than in any other region of the country.
For a non-resident buyer this is a market with a strong hand at the table: haggling is in order, there is no need to rush, and there is almost always an alternative to a comparable home. The flip side is that, when planning an exit, you should expect selling in London to be slow too. Who is using this window and moving into the prime centre is set out in the analysis of who buys London after the non-dom abolition.
