London asking prices fall 3.1% year on year as homes for sale hit a 16-year high

Rightmove says London asking prices are down 3.1% year on year, the steepest fall in Great Britain, with homes for sale at a 16-year high. Northern England is up 1.5% against southern England's 1.8% fall, breaking the old pattern of regions tracking the national average. For London sellers that means pricing into a crowded market; for buyers, more choice and room to negotiate. Affordability still bites - an average London home costs around 17 times the national average wage.