Huge mismatch in London housing market revealed by new report

Houses on the market in London are far less likely to find a buyer than across the UK as a whole, according to a property website.

According to new analysis by Rightmove , a home for sale typically has around a six in 10 (61%) chance of finding a buyer – but this varies significantly across Britain.

In Scotland, nine in 10 (91%) homes for sale are finding a buyer, which is partly due to Scotland’s buying and selling practices, the website said.

In the North West of England, 71% of homes are finding a buyer, compared with 56% in the South East and 42% in London , the analysis indicated.

Rightmove’s analysis also indicated that 74% of homes sold so far this year were priced right first time and did not need a later asking price reduction.

Across the UK, Rightmove finds that there may be hints of an “autumn bounce” in the housing market in September as the average price tag on a home increased month on month for the first time since May.

It has risen by 0.7% or £2,441 month on month in September, Rightmove said.

Across Britain , the average price tag on a home in September is £367,440, it added.

Rightmove’s map shows average asking price changes across Britain (Rightmove/PA) This September’s asking price bounce is bigger than the average for the month over the past 10 years, at 0.5%.

September is traditionally a busier period for the housing market as people return from summer holidays, Rightmove said.

It added that heatwaves and the World Cup also created conditions for a particularly quiet summer this year, giving some potential scope for a bigger rebound.

But typical prices remain 0.8% below a year earlier, and 2.3% lower than the start of the summer.

Rightmove also said it is a challenging and crowded market for sellers, with the number of homes available on the market for sale at a 12-year high for the time of year and buyer affordability still stretched.

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