Is London’s property market picking up after the summer? September has brought a rise in new sellers’ asking prices, but the latest completed sales still show prices below last year’s level. For anyone planning a move in East London, the distinction matters.
Here are the figures behind the headlines and what they mean in practice.
London sold prices are down year on year
The latest Office for National Statistics figures put the average London house price at £569,000 in July 2026, down 3.3% compared with July 2025. It was the eleventh consecutive month of annual price falls in London. These are provisional figures based on completed sales, so they may be revised as more transactions are recorded.
That London-wide average is a useful guide to direction, but it cannot tell you what one home in Leytonstone, Stratford or another East London neighbourhood will sell for. Property type, condition, tenure and nearby competing homes all affect the price a buyer may be willing to pay.
September asking prices have risen
Rightmove reports that the average asking price of a newly marketed London property reached £657,775 in September. That is 1.8% higher than in August, although still 2.6% lower than a year earlier. Across the UK, new seller asking prices rose by 0.7% in September, their first monthly increase since May.
There is no contradiction between rising asking prices in September and falling sold prices in July. The two measures cover different properties at different stages of a sale. An asking price shows what a seller hopes to achieve; a completed sale records a transaction that has gone through.
Buyers are taking time to commit
According to Rightmove, it took an average of 78 days to secure a buyer in London in August, compared with 68 days in May. That is a London-wide measure, so individual homes can move much faster or slower.
For sellers, the first few weeks on the market are valuable. If viewings are limited, or interested buyers raise the same concern repeatedly, it is worth reviewing the photographs, presentation and price promptly. Starting at an ambitious price and reducing it later can mean spending longer on the market.
Mortgage costs remain part of the decision
The Bank of England held Bank Rate at 3.75% in September. Three of the nine Monetary Policy Committee members voted for an increase, reflecting continued concern about inflation.
Buyers should base their budget on the mortgage deals and affordability assessment available to them now. Sellers should bear in mind that buyers may be weighing the purchase price against their monthly payments, moving costs and any work the property needs.
Rents are still rising
The sales and rental markets are moving differently. The ONS says average London private rent reached £2,332 per month in August 2026, an annual increase of 3.5%.
That does not mean every landlord can achieve the London average, or that every property has seen the same increase. As with sales, the useful comparison is with similar homes in the immediate area.
What does this mean for an East London move?
If you are selling, use recent comparable sales alongside current competing listings to set your asking price. Ask how your home compares on condition, outdoor space, layout and tenure. Review the response to your launch while there is still time to act on it.
If you are buying, the September rise in asking prices should not make you feel rushed. Check sold prices, arrange a current mortgage assessment and judge each property on its own merits. A well-priced home can still attract strong interest.
The headline is that London remains an active market, but pricing matters. September’s rise in asking prices is encouraging for sellers; the completed-sales data and longer time to find a buyer call for a realistic approach.
Lyss Homes works with sellers and buyers across East London. If you are considering a sale, contact us for a valuation grounded in comparable local properties and the competition your home would face today.