Rightmove’s latest property market analysis shows that average asking prices for homes in London have risen by 12% over the last five years, while asking prices across Great Britain have increased by 21%. In 2019, the price of a home in London was more than double the Great Britain average (+101%), but the gap has since narrowed to 86%. The Brexit year of 2019, followed by the Covid-impacted years, led to slower price growth in London, with average asking prices falling by 0.5% in 2019, while the UK as a whole saw a 0.8% rise.
Looking ahead, Rightmove forecasts that 2025 could mark a turning point for the London property market. The capital’s inherent appeal to both workers and international buyers is expected to regain strength, bolstered by major companies requiring employees to return to the office five days a week. As a result, Rightmove anticipates London price growth to match, if not slightly surpass, national price rises.
For the UK as a whole, Rightmove predicts a 4% rise in national average asking prices in 2025. While this is the highest prediction for price growth since 2021, it aligns with average long-term growth trends. The portal expects the number of homes for sale to remain high next year, meaning strong competition among sellers will likely prevent prices from rising too quickly. Nevertheless, this high supply will drive a higher number of agreed sales, with Rightmove forecasting around 1.15 million transactions in 2025.
