London asking prices rose 2.5% in October, the biggest monthly rise in Great Britain, yet there are more homes for sale nationally than at this point in any year since 2014. Both facts come from Rightmove's House Price Index, published this morning, and for anyone preparing to sell in prime London the second matters at least as much as the first.
The rise follows a 6% fall in London asking prices across July and August, so part of it is the familiar autumn recovery after the summer. Over the year, London asking prices are still 1.7% lower, the weakest annual figure of any region. In inner London, asking prices rose 3.9% in the month.
What the October figures show
Nationally, the average asking price of newly listed homes rose 1.0% to £371,015, 0.1% lower than a year ago. In London, Rightmove reports that 38% of homes on the market have had their price reduced, and that homes are taking an average of 78 days to find a buyer.
Across Great Britain, sales agreed were 8% lower than a year earlier and buyer enquiries 9% lower, while new listings rose 3%. Borrowing has become dearer: Rightmove puts the average two-year fixed mortgage rate at 5.55%, up from 5.29% a month earlier and 4.25% in February. Its spokesperson also noted that the Budget on 28 October "adds some uncertainty too".
Asking prices are not selling prices
Rightmove measures what sellers ask when they list, not what buyers pay. For achieved prices in prime London, LonRes is the closer guide. Its figures for July to September, published on 6 October, showed achieved prices per square foot in prime central London 6.5% lower than a year earlier, and an average discount of 12.6% between the initial asking price and the price achieved.
Demand at the top of the market is mixed rather than weak. Benham and Reeves's Prime London Demand Index for the third quarter, reported on 2 October, found that the share of homes priced between £2 million and £10 million that had found a buyer fell to 13.2%, from 14.5% in the second quarter. Above £10 million, the share rose to 4.3%, from 3.7%. Different measures, different conclusions; together they describe buyers with choice and time.
What this means for pricing a launch
When stock is high, a buyer looking at a home in Kensington or St John's Wood is comparing it with more alternatives than at any time in a decade. Three points follow from the figures rather than from opinion.
- An asking price is judged against what is on the market now. With so many listings already reduced, a home that launches above the evidence is likely to be compared with homes that have already come down.
- The evidence that counts is achieved prices for comparable homes, street by street, not the asking prices of neighbours. On LonRes's figures, the gap between the two has averaged more than 12% in prime central London this year.
- A reduction is visible. Portals show buyers when a price has been cut, and a home that is reduced after several weeks returns to their searches carrying that history.
For homes near £2 million, the High Value Council Tax Surcharge from April 2028 is a further consideration, which we covered in an earlier article.
Timing around the Budget
Some owners will wait for the Budget on 28 October before deciding. That is a reasonable choice, and any announcement on property taxation should be checked against the date a sale is likely to complete. What the October figures suggest is that the buyers active now are those with a reason to move, and that they are in no hurry to pay above the evidence. A seller who launches at a price the evidence supports is better placed, whatever the Budget brings, than one who launches high and plans to adjust later.
Dolce Vita handles sales and lettings across the UK from Mayfair, and helps clients buy abroad through partner agencies. If you are weighing a sale this autumn or in the new year, Request a valuation; we acknowledge the same working day and return a written valuation within 24 to 48 hours.
Hanane Dawson, Founder
Sources: Rightmove House Price Index, October 2026, published 19 October 2026 (via Property Reporter and The Intermediary, 19 October 2026). LonRes, "London property sales: summer 2026 standouts", 6 October 2026. Benham and Reeves Prime London Demand Index, Q3 2026 (via Estate Agent Today, 2 October 2026) and Q2 2026 (via Estate Agent Today, 14 July 2026). HM Treasury, "High Value Council Tax Surcharge" policy paper (gov.uk, 26 November 2025).