According to Rightmove, asking prices for homes newly listed in London rose 2.5% between September 12 and October 10, while Inner London rose 3.9%, unlike the national decline of 0.1%. London's rise followed a weak summer, when asking prices fell 6% across July and August, and sellers hope to capitalize on buyers wanting to move before Christmas. Rising mortgage rates have added about £250 to new mortgage payments since February, and sales agreed were 8% lower and buyer inquiries 9% lower than a year earlier. Listings remain at their highest level for this time of year since 2014, 38% of homes have had price cuts, and offers take 78 days (11 weeks) on average to be accepted. Rightmove suggests some London sellers may be too optimistic on price.
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