London house sales drop over political uncertainty, according to Rightmove data

Londoners are hesitant to sell their homes due to political uncertainty, according to new research.

The number of properties that were brought to market this month was down 19 per cent on the same period last year, leading to a smaller than usual December price drop of 1.8 per cent.

Inner London home owners were more hesitant to come to market, with a 24 per cent drop in new listings, while outer London saw a 16 per cent decline, according to data from estate agents Rightmove.

Rightmove director and housing market analyst Miles Shipside said: “Those who put their property on the market in the run up to Christmas tend to recognise that it’s traditionally a less active time of the year, so they price lower than other properties to attract scarce buyers.

“While this month’s new sellers have on average set their prices 1.8 per cent lower compared to properties that came to market in the previous month, this is a less aggressive reduction than the average of 1.9 per cent since 2013.

“There is a relative scarcity of property coming to market coming to market compared to the same period a year ago and with less competition from other newly-marketed properties there is perhaps less immediate pressure this year to undercut similar properties on price.”

The average price for a property in inner London is more than £750,000, while the average asking price for outer London properties is £500,000.