House asking prices fell in November

A buoyant London property market helped cushion the blow in what is traditionally a quiet time of year for buying activity, with falls of 3.2% and 3.1% recorded in November over the previous two years.

Asking prices fell on a month-on-month basis across all regions in England and Wales, except London where prices rose 1.2%.

Despite the monthly fall, the average property asking price across England and Wales is 2% higher year-on-year at £236,761 – the largest annual rise since 2007.

Even with the London boost stripped out, asking prices still rose 0.2% year-on-year, according to Rightmove.

The November fall comes after an autumn rebound in October, when asking prices rose 3.5% month-on-month following a weak summer due to distractions such as the Olympics.