A property expert reveals how to price your flat, attract serious buyers and decide whether to sell now or wait as London prices fall and rents climb.
LONDON flat owners hoping to sell have been warned against a costly pricing mistake, as new figures reveal that average flat prices in the capital have fallen by more than five per cent in a year.
The latest data from the Office for National Statistics shows average UK house prices rose by just 0.9 per cent year-on-year to £273,000 in August, marking the fourth consecutive month of slowing annual growth.
London was the weakest-performing English region, with overall house prices down 2.2 per cent. Flats and maisonettes saw a sharper decline, with average prices falling by more than five per cent from £450,000 in August 2025 to £427,000 a year later.
Meanwhile, average private rents across the UK climbed 3.8 per cent in the year to September, reaching £1,406 a month – a £52 monthly increase.
Elliot Castle, CEO of Castle Property Group, said sellers needed to look beyond what they hoped their property was worth and focus on what buyers were actually paying.
“An asking price based on what a neighbour achieved a year ago will no longer reflect the current market. Sellers need to look closely at recent completed sales of comparable properties before deciding what their own flat is worth.”
How to avoid pricing yourself out of a sale
Elliot said one of the biggest mistakes sellers could make was setting an ambitious asking price and repeatedly reducing it when interest failed to materialise.
“Look at properties that genuinely match yours in location, size, condition and features. Asking prices show what sellers hope to achieve, but completed sales give you a better indication of what buyers have actually paid.
“Pricing realistically from the outset helps attract serious interest. If you start too high, you risk putting off buyers who might otherwise have considered your property.”
Should you sell now or wait?
Elliot said owners should weigh up their personal circumstances rather than assume prices would recover quickly.
“Think about why you’re selling, how quickly you need to move and what waiting would cost you. There’s no guarantee prices will rebound within a particular timeframe, so make the decision based on your own finances and plans rather than trying to time the market perfectly.”
The ONS figures are provisional and based on August transactions, so they do not establish the current value of every London flat. Individual properties can perform differently depending on their location, condition and buyer demand.