Average asking prices have fallen in two out of three boroughs over the past year, according to a new study. Admittedly the average drop has been minimal – around one per cent – bringing the asking price of the average London property to £637,746 according to the Rightmove House Price Index, published today. But more substantial falls have been witnessed in Hackney (3.7 per cent), Hammersmith and Fulham (3.9 per cent), and Ealing (4.5 per cent). There has been a significant 16.4 per cent increase in the number of houses and flats on sale in the capital over the past 12 months, giving buyers substantially more options. Tom Bill, head of London residential research at Knight Frank, said the increase in supply was partly down to some homes simply taking longer to sell. There has also been an uptick in investors selling up rental stock. “This is the result of recent tax changes for landlords which, combined with a perception that sales values are bottoming out in some areas, has led to higher levels of supply in the sales market,” said Bill. Whatever the reason, the advice to vendors is to opt for a “summer sale” strategy if they really need to sell in a “challenging” market.