Two separate house price surveys published Monday, report a further decline in London property prices in September and October.
Property prices elsewhere in the UK, however, were more upbeat as regions with lower average home prices performed more strongly than those where prices are higher, the surveys showed.
In mid-morning UK trade, UK real-estate shares were lower, including Barratt Developments, Bellway, Persimmon and Taylor Wimpey.
According to the monthly house price index from Acadata and LSL Property Services, the average house price in England and Wales fell 0.1% on the month and rose 1.3% on the year, in September. However, excluding London and the south east, annual house price inflation was 3.3% higher.
In August, the survey recorded a 0.2% monthly drop and a 2.1% year-on-year increase.
“Despite slowing price growth, particularly in the southern regions, the North continues to report positive results,” said Managing Director of Your Move and Reeds Rains estate agents, Oliver Blake. “The future, however, will rely heavily on stock availability,” he added.
It appears that the trend of a weaker London property price performance and a more resilient northern one, continued into October.
The Rightmove house price index, that reports activity and prices based on its own data in the first few weeks of each month, showed the average UK house price rose 1.1% on the month and by 1.4% on the year in October.
That’s an improvement from September when Right move reported house prices fell 1.2% on the month and rose just 1.1% on the year.
However, the online estate agency’s London house price index tells a different story.
In Greater London, house prices rose 3.1% on the month but declined 2.5% on the year. In inner London, home to much of London’s prime property, meanwhile, property was 5.6% higher than in September, but 5.3% lower than a year earlier. Outer London property prices, rose 0.6% on the month and by 0.5% on the year.
“It will be harder for this Autumn’s sellers to secure a sale because buyers have more choice with a 4.5% increase in new seller numbers compared to this time a year ago,” said Miles Shipside, Rightmove’s director and housing market analyst.
“The upper-end market is re-adjusting, with prices of newly-marketed properties in this sector down by 8.6% compared to a year ago,” Shipside added.