Chiswick Flats & Houses For Sale & Rent

London Rental Yields Start To Rise Steeply

2012-01-18T10:15:00.000-08:00

Reports in last weekend’s Financial Times have highlighted the surge in new buy-to-let purchases,with many areas in London likely to be the first to benefit, according to property search consultant Expatfindaproperty.com.

According to the Financial Times report, landlords are taking advantage of weaker house prices to snap up bargain rental prospects in premier locations. While some are cash purchasers, others are using cheap borrowing costs to expand their portfolios.

Expatfindaproperty.com’s own research suggests that rental yields in many parts of London, in particular, are starting to rise steeply, following many years of static, or only gently-rising, prices. In particular, demand for rental homes near to prime commuting transport links, such as those in the Clapham, Earlsfield, Wimbledon and Raynes Park areas of South West London, has seen agents arranging block viewings, with would-be tenants forced to bid against each other to secure a property.

Emboldened by the strength of the demand, says Expatfindaproperty, agents and landlords are now pushing rents higher, which means that new landlords can expect enhanced returns, as well as realistic prospects of capital growth, when capital prices eventually start to recover. Prospective tenants, however, will find this news less welcome.

Erica Evans, of Expatfindaproperty.com, comments, “Our straw poll of agents in South West London has revealed high levels of optimism for landlords. For those thinking of entering the market from abroad, providing they have a 30% deposit for an expatriate or international mortgage, now is an excellent time to be looking at the market, but location is absolutely critical.

“Strong rental yields are only available in quite specific areas around commuter infrastructure hotspots.”

London and The South East Saw Strongest Price Rises in 2011

2012-01-02T08:46:00.000-08:00

Woking in Surrey recorded the biggest rise in house prices among major UK towns and cities in 2011, according to new research by the Halifax.

Based on the Halifax’s own house price data, the average selling price in Woking, a commuter town within easy reach of central London by rail, was 16% higher than in the previous year. Prices increased from £257,590 in 2010 to £299,654 in 2011.

Falkirk in Scotland experienced the second biggest rise in house prices with a 12% gain. Like Woking, Falkirk is within easy commuting distance of major commercial centres, lying almost equidistant between Edinburgh and Glasgow. The town also has relatively low average property prices, making it more affordable than many other areas close to Scotland’s two largest cities.

Towns in London and the South East accounted for nine of the 20 towns recording the strongest price rises in 2011. Overall, 28% of the towns surveyed saw some increase in prices over the year.

The majority of worst performers were outside southern England. Kettering in Northamptonshire and Dunfermline in Scotland experienced the largest falls in average selling prices in 2011, both recording declines of 15%.

Nine of the ten towns that saw the biggest declines in property values are outside southern England, reflecting the generally weaker performance of the housing market outside the south.

RLA Reports on Private Rental Sector

2011-12-12T06:20:00.000-08:00

The RLA report that the report on the private rented sector warns that current returns for landlords are very low once costs and inflation are taken into account, despite headline reports of rising rents. This is restricting the amount of new accommodation available to meet increasing demand.

Prepared by Michael Ball, Professor of Urban and Property Economics at the University of Reading, the Report highlights that rents remain significantly below their early 2008 levels, when adjusted for inflation. The Report used a new economic model fed with financial data from over 200 landlords.

Following a survey of landlords' costs and returns, the Report found that present rent levels do not cover landlords' expenses when all factors are taking into account, including refurbishment and borrowing costs, agents' and legal fees, voids and arrears, energy and safety certificates, repairs, depreciation and regulatory compliance.

Additionally the tax burden on the private rented sector is much more than on other types of tenure, averaging £1,000 a dwelling. Sharp real falls in the value of their properties over the past four years have pushed total annual returns for many landlords into negative territory.

Currently, almost 90% of English landlords are private individuals and couples and many residential investors would have been better-off if they had invested their money elsewhere.

The Report warns that the consequences for tenants will be "grim" as they face increasing rents and a chronic shortage of properties. Economic recovery will also be significantly held back by a lack of affordable rental housing. It calls for Government reforms to the taxation and regulatory treatment of the sector to alleviate pressures on rents.

Commenting ahead of the formal launch of his Report today (November 22nd) at the House of Commons at a meeting of the All Party Parliamentary Group for the Private Rented Sector, Professor Ball said:

"There is much hype about the private rented sector at present, but the reality is that landlord returns are generally poor and with a weak economy are likely to stay that way. Investment in the past was driven by rising house prices, now there is a need to rethink taxation and regulation so that rental returns come to the fore at rent levels that are affordable for tenants."

Responding to the report, Alan Ward, Chairman of the Residential Landlords Association commented:

"Professor Ball's report demonstrates clearly that the private rented sector is taken for granted - the returns are only superficially rewarding because few landlords account for the cost of regulation and taxation. Only the lack of an alternative secure investment, and the curse of capital gains tax, prevents many landlords from dis-investing just when more people need private renting because of lack of access to the owner occupied and social rented sectors."

Good Landlord and Tenant Relationships Important For Rental Property

2011-11-25T02:08:00.000-08:00

The best way to get the most out of your rental property is to ensure you have a solid personal relationship with your tenant, claims one specialist.

Ed Harris, managing director at EH Landlord Services, says that you should be in regular contact with the people letting your property because failure to build any kind of friendship or rapport with them can cause all "kinds of problems and challenges".

Speaking at the Landlord & Letting Show in Birmingham recently, he stated: "The biggest thing that you need to have in place is a relationship with your tenants because if the relationship is not there, then anything can happen."

He added that landlords should also ensure that they have adequate insurance in place to protect both the property and their income.

His comments come on the back of recent figures released by the Council of Mortgage Lenders (CML) which suggested that the buy to let market will remain buoyant for some time to come.

Landlord and Tenant News

London Rental Sector News; Rental Growth Will Slow By the End Of 2011

2011-11-08T02:41:00.000-08:00

There have been significant increases in London rents over the past two years, with Knight Frank figures indicating that since 2009, the price of renting a home in the capital has increased by 27 per cent. According to Gary Hall, partner at the organisation, these rises are showing no signs of abating. "It's looking pretty healthy as a landlord - the rental market will continue to grow and the rental prices are going to head up," he stated. Mr Hall explained that a lack of new properties coming on to the market is likely to help boost rents further, particularly at the middle and bottom ends of the sector.

He also suggested that the Olympic Games in 2012 could affect the rental sector in different ways, noting that some landlords may terminate long-term contracts in favour of the money they can generate through short-term lets during the sporting event. If this happens, "there could be a flood of new properties coming on once the Olympics finish in September", Mr Hall added. Last month, Liam Bailey, head of research at Knight Frank, predicted that rental growth in London will begin to slow by the end of 2011.

Mr Bailey commented that there remains "scope for future ongoing rental growth", although estimated that more moderate rises of between four and five per cent per year are more likely in the medium to long term. Mr Hall agreed with this assessment, noting that steady growth is anticipated, with "a bit of a conservative figure" throughout the coming 12 months. He added that an increase of five per cent annually is probable until 2015. With rents in London now above their pre-recession levels and price rises showing no sign of stopping, investors may be attracted to the city by the prospect of healthy returns on residential real estate assets.

First Time Buyers Lose Out to Wealthy Borrowers

2011-10-25T02:44:00.000-07:00

First-time-buyer numbers in September fell to their lowest since November 2010 thanks to tightening mortgage lending conditions, reversing the positive summer trend of higher loan-to-value lending and increasing numbers of first-time buyers. Lenders focused more on targeting wealthier borrowers as fears over a stagnant economy and constricted credit conditions grew, reports the Henley Standard.

Approvals with a deposit of 25 per cent or under fell to their lowest number since February, accounting for less than half of all lending, compared to almost two-thirds in September 2007. Approvals in the highest loan-to-value brackets fell at more than double the pace of the total market because of lenders’ desire to target low loan-to-value borrowers.

London bucked the national trend, and cushioned the overall decline in approvals nationally, with an increase of 20 per cent (non-seasonally adjusted), thanks to the bigger pool of wealthier buyers in the capital who are less constrained by tighter lending conditions. First-time-buyer numbers rose to their highest since June, with approvals on price brackets up to £250,000 — typical first-timer property in the capital — accounting for 42 per cent of the total London market, compared to 40 per cent in August.

The uptick can be attributed to buyers in London being much less dependent on high loan-to-value lending than the rest of the country. Approvals with an loan-to-value of more than 75 per cent accounted for just a quarter of all lending in September, compared to over a third nationally, because the wealthier pool of buyers in London typically have larger deposits so don’t require access to higher loan-to-value products, and because even a small percentage deposit represents a very large sum due to higher house prices in the capital.

The market outside London was much more subdued. The North West (11 per cent), North East (10 per cent) and Cumbria, and the Midlands (four per cent) saw the biggest falls. Yorkshire (three per cent), the South East (one per cent), and the South and South Wales (one per cent), all saw marginal increases in purchase approvals.

Energy Performance Certificates Difficult to Improve in Older Homes

2011-10-18T01:55:00.001-07:00

Landlords looking to improve the rating of Energy Performance Certificates for their portfolio may find it difficult to insulate older homes.

Richard Jones, policy director at the Residential Landlords Association, said it is harder to treat properties built before 1980.

"The main problem with them is that they have no cavity walls to insulate and with a lot of them you haven't got the traditional loft space to insulate with the loft insulation. With the properties that lack cavity walls, they may need internal or external insulation," he explained.

If work needs to be carried out on the outside of the house, planning permission may need to be sought for certain procedures, while internal energy efficiency improvement work often causes "disruption" because landlords may need to move around light switches and radiators.

Meanwhile, recent research from the Association of Residential Letting Agents revealed that a third (35 per cent) of landlords are unaware of the energy performance of their properties.

Landlord and Tenant News

Average New Build House Is 8 sq Metres Too Small

2011-09-16T04:19:00.000-07:00

Many new houses in the UK are "shameful shoebox homes" which are too small for family life, the Royal Institute of British Architects (Riba) has said.

It says average three-bedroom houses are 8% smaller - the space of a single bedroom - than the recommended minimum.

The institute, which looked at 3,418 three-bedroom homes in England, based its findings on building regulations which have come into force in London.

The House Builders Federation says that bigger homes could prove unaffordable.

Riba's Case for Space study discovered the average two-storey three-bedroom home for five people was 8 sq m (86 sq ft) too small.

It claims the shortfall in space is the same size as a single bedroom with a bedside table, wardrobe, desk and chair.

The most common new three-bedroom house was found to be smaller still, with 77% of the recommended minimum space - a shortfall equivalent to two double bedrooms.

The institute's research was based on the 96 sq m (1033 sq ft) London Plan space standards which have just been introduced in the capital. There are currently no UK-wide standards.

BBC

UK Children Optimistic About Their Dream Home

2011-09-08T01:28:00.000-07:00

Children in the UK seem to be confident that they will not have trouble as first time property buyers, as more than two-thirds 68 per cent) believe they will own their 'dream home' by the age of 35.

That is according to research by Clydesdale and Yorkshire Banks, which also found that 19 per cent of kids think they will achieve this goal by the age of 25.
Steve Reid, retail director of Clydesdale Bank, said: "As any parent knows, children can be very ambitious and it's always refreshing to hear about their hopes and dreams, however optimistic they may be."

The survey also found that 33 per cent of children believe their dream home will set them back between £500,000 and £1 million.

In terms of what their dream home will contain, 59 per cent said they would have a swimming pool, while 25 per cent are hoping for their own private theme park.
Children in Yorkshire were found to be most hopeful, with 83 per cent of primary school students expecting to have a dream home by 35.

Mortgage Rate & Home Loan News

Buy to Let Long Term Investment Investment Must Solve Rental Property Shortage

2011-06-29T04:42:00.000-07:00

The buy to let option might be a valid one for buyers at the moment, but it is not as straightforward to get the funding as it was before the recession, the Hampshire & Home Counties Property Networking Club has remarked.

Hazel Reed, co-founder of the group, commented that before the financial crisis, it had been "stupidly easy" to secure buy to let funding.

"It was almost too easy really, which is why a lot of people got in and have had to pull out quickly. But I think if you're professional about it, [and if] you take care with what sort of properties you get and you get good letting agents, you can still get properties and mortgages."

She pointed out that there is still a shortage of property in the UK, which is why it is a good idea for landlords to get involved in the buy to let market.

"There are so many people wanting to rent at the moment," Ms Reed added.

Her comments were made after the National Landlords Association insisted that UK mortgage lending products designed to help buy to let landlords must be sustainable over the long term.

Buy to Let Investment News

Residential Property Rents Rose Again in April

2011-06-11T03:35:00.000-07:00

Increased tenant demand and low levels of rental property coming onto the market pushed rents higher in the three months to April, says the April 2011 RICS UK Residential Lettings Survey.

Overall, 42 per cent more surveyors reported rents rose rather than fell in the three months to April (up from 40 per cent more). Although rents increased across Great Britain, it was London and the South East which saw the most notable increases.

Comments from surveyors reveal that rents in some areas have now risen so sharply that previously affordable homes are now unattainable to many, as an increasing number of renters are priced out of the market.

Meanwhile, home ownership remains out of reach for many would-be buyers, partly because of the high deposits required by lenders, but also due to the cost of available mortgage finance.

As a result, surveyors report that many people have little choice but to rent. In the three months to April, 35 per cent more respondents reported demand rose rather than fell – the highest level for over two years.

Turning to supply of rental property to the market, 6 per cent more surveyors reported new instructions from landlords increased rather than fell – taking the net balance into positive territory for the first time since April 2009.

Instructions from landlords to let flats showed the most pronounced change, with a net balance of +6 per cent (from -7 per cent). The increase for houses was slightly less than in the previous three month period (+2 compared with +5 per cent).

Despite an upturn in new instructions, supply to the market still remains unable to keep up with demand. Tenants are staying longer, resulting in less availability, while fewer landlords are selling their properties at the end of a tenancy. Just 2.8 per cent of landlords sold property in the three months to April (down from 4 per cent).

Looking ahead, the overall rental outlook remains strong, with 33 per cent more surveyors expecting rents to rise rather than fall. Expectations for rental prices were highest in London, followed by the Midlands, the South East and the North.

Chiswick House Prices Reach All Time High

2011-06-02T06:10:00.000-07:00

The most recent sales reported to the Land Registry are giving reason to believe that prices in the Chiswick area have continued to move upwards since the record levels seen in the first quarter of this year

Sales in April so far have average £908,584 although with only 25 transactions reported so far and a tendency for higher value sales to be processed quicker this is likely to reduce by the time all the sales during the month have been reported. Eight of the sales during the month were for properties which sold for over £1,000,000.

For March the average sale price was £719,851 an all-time monthly high.

The average property in Chiswick cost more than £680,000 in the first three months of this year. The previous highest quarterly average was in the third quarter of last year.

Council Crackdown On Small HMO's

2011-05-20T06:21:00.000-07:00

Local authorities all over Britain are targeting planning laws to control private landlords turning their properties into small Houses in Multiple Occupations – six months ahead of the time when they will be needed most.

The RLA has identified over two dozen councils invoking Article 4 directions prohibiting HMOs.

Landlords are being stymied by local authorities from attempting to offer a market solution to what homeless charities are warning could be a serious problem.

Planned changes to the Shared Accommodation Rate kick in next January and will mean that an estimated 88,000 25 to 34-year-olds on housing benefit will have to seek shared HMO accommodation, virtually all of which would be in the private rented sector.

From the New Year, changes to the rules mean that single people up to the age of 35 will no longer be able to live in their own self-contained rental flats. Instead, it will only cover shared accommodation.

But landlords who are currently renting properties out to a single household will now have to seek planning permission in a growing number of towns and cities if they want to let the same property out to three, four or five people sharing.

Tenancy Deposit Scheme Clarification Welcomed

2011-05-09T04:39:00.000-07:00

New guidelines for consistency among deposit schemes published by the Tenancy Deposit Scheme (TDS) and other groups have been welcomed by LettingFocus.com.

David Lawrenson, a buy to let and private rented sector expert at the website, commented: "I think that for a long time there has needed to be some clarification between the three different schemes.

"In particular, there seems to have been a bit of a drift in terms of what is required from a landlord and from a tenant, with regards to the quality of the inventory required."

He noted that the publication of the guidelines by mydeposits.co.uk, the Deposit Protection Service and the TDS is good but "long overdue".

Mr Lawrenson added that the guidelines suggest measures by which landlords who choose to carry out inventories themselves can protect their position.

Meanwhile, chief executive of the TDS Steve Harriott has said it is right that tenants and landlords get a uniform explanation of the approach taken when inventories are done.

Landlord and Tenant News

Cameron DIaz, Colin Firth and Alan Rickman Visit

2011-04-19T09:31:00.000-07:00

With so many celebs as residents, it's rare that someone causes a stir in Chiswick. But a visit from Cameron Diaz did just that, reports ChiswickW4

The Hollywood star was spotted having drinks with Colin Firth and Alan Rickman in Carvosso's @ 210 on Monday evening.

The group were given privacy away from admiring eyes upstairs but one waitress was happy to confirm they were indeed enjoying their hospitality.

Buy To Let Funding Sees New Approach to Landlords

2011-04-08T00:34:00.000-07:00

Those entering the buy to let market are likely to find companies providing UK mortgage offers have a "smart and savvy" approach to landlords.

According to David Lawrenson, private rented sector expert at LettingFocus.com, UK mortgage lending firms who are new to the buy to let funding market will be "a lot cleverer than the one-size-fits-all lending of the past".

"We are going to see a much more clever market and product than we have seen to date. For example, they will look at the location perhaps where someone is buying and they will look at the risk of the landlord. That will be good for the landlord," he explained.

Overall, the financing situation for those with property to rent in London and other locations will "continue to get better too".

Mr Lawrenson's remarks come after research from Mortgages for Businesses found the number of buy to let mortgage products has more than doubled in the last 12 months, increasing from 142 to 298.

Buy to Let Investment News

Moving to Chiswick; Local Services at a Glance

2011-03-28T08:47:00.000-07:00

When moving into an area there are a number of local services you need to know about. Below you can access local authority information and services; we have chosen the most frequently asked information. Just put in your postcode and find out information on;

Bin Collection, Council Tax, Parking Permits, Recycling centres,Electoral roll registration, School and Term Dates and your local councillor for your new area.

London Property News

Mortgage Rate & Home Loan News: Paying more of a mortgage 'is sensible'

2011-03-11T03:06:00.000-08:00

Homeowners who are paying off a UK mortgage debt would be "very sensible" to increase their payments in the current economic circumstances.

According to Catherine Hearnden, director at MyMortgageDirect, if borrowers can afford to, they should.

"The [interest] rates are at an all time low. The way that a lot of people have overpaid is they have just kept their standing order or direct debit the same and, as a result of that, they have overpaid," she pointed out.

"I think they should carry on for a while because even if rates go up, it is still going to be very low. Unless their circumstances have changed considerably, they should really try and be paying what they were paying at the beginning," she added.

Ms Hearnden's comments come after research from Moneybasics found almost one in three (29 per cent) mortgage holders paid more than their minimum required payments in the last year.

Mortgage Rate & Home Loan News

My Society Website Launch for Local Issues

2011-02-20T03:18:00.000-08:00

Have you ever wanted to report a problem in your area but don't know who to contact? Have you spent ages on the phone trying to speak to someone at your local council? If so, this website is for you.

The charity mysociety.org in conjunction with Young Foundation launched fixmystreet.com in 2007 and provides residents with a quick and easy way of reporting things in their area that are broken, dirty, damaged, dumped, needs fixing, cleaning or clearing.

To use the site, all you just need to enter your postcode or location, and then you can view problems already reported in your area, or report your own by clicking your location on the map provided.

All reported problem will be sent to the relevant council by email. The council can then resolve the problem through their normal procedure. Local residents are also able to discuss the problem with others on the website by providing an update.

Please visit the website for further information, to sign up for alerts or to start reporting your problems.

London Property News

House Prices in Chiswick W4 Fall

2011-02-02T06:13:00.000-08:00

The latest official figures from the Land Registry are suggesting that Chiswick property prices have started to fall.

After reaching record levels in the previous quarter the average price of a home in W4 fell to £615,752 in the three months to the end of 2010. This is down by 8.0% on the previous quarter but still 10.1% up on the same period last year.

A flood of buying due to high bonuses from the City has failed to materialise and, in fact, the weakest sector of the market relatively was the top end with far fewer larger homes selling compared to previous periods. On the other hand flats, which had lagged the price increases in the area, saw an increase in price and sales during the period.

London as a whole remains by far and away the strongest area in the country in price terms with home values rising by 6.2% in December compared to the same month in 2009. The average London property now costs £342,325. For England and Wales as a whole property prices rose by 1.5% with many areas of the north seeing falling values over the year. The average home price in the U.K. is now £163,814.

CML Report Fall in Lending Rates

2011-01-20T01:09:00.000-08:00

UK mortgage lending fell six per cent between November and December 2010, research from the Council of Mortgage Lenders (CML) shows.

Yearly lending dropped by 18 per cent from December 2009 to last month, but economists believe this is due to the rush on house purchasing before the stamp duty holiday came to an end on January 1st 2010.

More UK mortgage offers were made throughout the whole of last year than were originally forecast by the CML, with total lending standing at £136.3 billion, up from the £135 billion predicted.

However, this is five per cent below the £143.3 billion reported in 2009 and is the lowest annual total since 2000.

CML economist Peter Charles commented: "Money market rates have recently moved higher in anticipation of a rise in base rate and some lenders have recently reflected these increases in their product pricing. Against this backdrop, consumer demand may be weaker than we would otherwise have expected."

He noted that higher interest rates have hit the budgets of homeowners who are still paying off their UK mortgage debt, although this will result in "a relatively small proportionate rise" in monthly repayments for most householders.

This month, the Bank of England voted to maintain the current base rate at 0.5 per cent.

Mortgage Rate & Home Loan News

Ealing Parking Costs Hike

2011-01-10T01:35:00.000-08:00

Ealing Property Agents: Ealing Parking Costs Hike: "The cost of parking in Ealing has risen steeply. On January 1st the Council introduced a new set of charges which can be viewed in full here..."

London Residential Property Management

2011-01-06T06:04:00.000-08:00

Renting your property can be both time consuming and expensive. Letting and property management agents provide a number of different types of services to landlords. The level of service will very often determine the amount they charge.

Property management charges are usually commission, based on the annual rental income of your property. You should therefore discuss and compare the charges of different London property management and London lettings agents in the area.

Introduction Only: The introduction service offered by London letting agents very often gives landlords the most basic of all services available. It consists of finding suitable tenants for your London property, applying for references, preparing the tenancy the tenancy agreement and collection of the first month's rent and deposit. The letting agents' charges are deducted from the first month's rent and deposit. As landlord you will be responsible for the deposit and for all future property management issues.

Rent Collection: The rent collection service includes all the services offered under the introduction only service, together with a rent collection service. Once rent is collected the letting agents' rent collection commission is deducted and balance is paid to the landlord. The landlord is expected to arrange to inspect the property and deal with any repairs under the terms of the agreement. The issues of notices to quit are normally dealt with by the letting agent but the landlord will need to make his or her own arrangements to deal with all aspects of the tenant moving out and related property management issues.

Full Management: The fully managed property service offered is the most comprehensive and deals with almost all the issues of property management required on a daily basis. Urgent repairs and maintenance will be undertaken as needed by the letting agent and quotes will be obtained for other non-essential matters. The payment for any expenditure will be deducted from rents collected before any payments are made to the landlord. For landlords who working or living abroad this property management service is essential as all matters are left in the hands of the letting agent

Landlords Health and Safety Responsibilities

2010-12-01T08:21:00.000-08:00

Both residential landlords and homeowners are being urged to make key preparations to their home as the winter fast approaches, in an effort to avoid accidents and damage to their real estate, reports the RLA News Service

A report released by Aspect Maintenance encourages buy-to-let landlords to inspect the state of their boiler and ensure that it is serviced once every twelve months. One of the ways to ensure safety and take precautions against malfunctions is to install a carbon monoxide alarm. Carbon monoxide poisoning is difficult to detect until it is too late, as the substance is entirely colourless and odourless. Large amounts of carbon monoxide in the air can go undetected and cause death by suffocation. The most economical carbon monoxide alarms are priced at £15 and provide warnings if even the slightest leaks are detected.

Maintenance specialists also caution that landlords with vacant properties should be sure to put the heating on low, especially in the evening, in order to avoid frozen pipes during the winter. But others also note that it makes sense to turn on the heating system once a month even during the spring, summer and fall, for a period of ten minutes. Grit can easily settle on the pumps in an owner’s boiler, making it necessary to replace the unit earlier than expected.

In some cases, however, it can make sense to replace an old boiler, particularly those that are around 15 years of age. Newer boilers are more energy efficient, leading to lower heating bills, as well as less money spent on maintenance and repairs.

London property Bucks the Trend for November

2010-11-30T11:37:00.000-08:00

New-to-the-market sellers in London slightly reduced their average asking prices by 0.4% this month, retaining most of last month’s large gains when Rightmove recorded prices going up by 5%. London continues to buck the national trend as generally the UK saw a much larger average price fall of -3.2%.

Miles Shipside, director of Rightmove comments: “In times of economic uncertainty, there is a flight to quality when it comes to where people choose to invest. London’s limited property supply and domestic as well as international demand are helping to insulate its property prices from some of the downward pressures being experienced elsewhere in the country”.

London’s property investment health is also shown when comparing average asking prices compared to a year ago, with a growth annual rate of 3.5%. This is the highest of any region and compares to the national average of 1.3%. The number of new sellers coming to the market dropped by 9.1% on last month as the approaching Christmas season starts to discourage sellers from entering the market.