Asking prices drop this month on seasonal factors

[LONDON] London asking prices for homes fell in November after a 10 per cent jump last month as government measures to boost demand failed to offset the seasonal pre-Christmas decline, Rightmove plc said.

Values dropped 5 per cent, or £26,956, to an average £517,276 (S$1.03 million), it said. Across England and Wales, average prices fell by 2.4 per cent.

As the economy strengthens and the government ramps up property stimulus measures, Rightmove said the underlying recovery remains in place. The Royal Institution of Chartered Surveyors said this month its house price index rose to the highest in more than a decade in October.