London house prices experienced a monthly decrease of £2,469 in January, with an average asking price of £664,550, down 0.4% from December, according to Rightmove’s House Price Index. Despite signs of a recovering market, sellers need to price competitively in the current buyer-oriented market, taking an average of 78 days to sell a house in London. However, there is a positive trend as more sellers are bringing 15% more properties to the market compared to the previous year, and London leads in a 5% rise in buyer enquiries. Wandsworth has seen strong annual growth at 5.8%, while Merton experienced a four percent drop in asking prices in one month. Nationally, the average home price increased by £4,571 to £359,748, a 1.3% monthly rise, but still 0.7% lower than a year earlier. Mortgage rates and cost-of-living concerns are impacting buyer budgets, and sellers are advised to set accurate and realistic prices. Mortgage providers are competing with lower rates, and a competitive housing market is emerging as buyers take advantage of improved affordability. Meanwhile, tenant pressures continue as rents increased by 10.2% annually in December, reaching £1,340 per month on average, according to estate agent Hamptons. Despite slightly lower mortgage rates in 2024 potentially alleviating some rental pressures, tenants may still face larger rent increases compared to pre-Covid times.