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Asking prices fall by £5,000 to £366,592

Asking prices fall by £5,000 to £366,592
Christina Hoghton
Written By:
Posted:
20/11/2024
Updated:
20/11/2024

The average price of a property coming onto the market for sale has fallen by 1.4% in the last month.

That’s according to Rightmove, which said this represents a cash equivalent of a £5,366 fall, taking the average asking price to £366,592, a bigger fall than the usual for this time of year.

The property portal said this is likely due to ‘pre- and post-Budget jitters’.

But, despite the dampening effect of the Budget, market activity remains stronger than last year, with the number of sales being agreed up 26%, said Rightmove.

House price predictions

Rightmove’s 2025 forecast is that average new seller asking prices will rise by 4%, its highest prediction since 2021. It said that lower mortgage rates will release ‘some of the pent-up housing demand’, pushing up prices.

But it added that the market will remain competitive and those keen to sell ‘will need to offer a well-presented and well-priced home to attract buyers who are spoilt for choice’.

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Tim Bannister Rightmove’s Director of Property Science, said: “There’s been a lot of news to digest for home-movers over the last few weeks and it appears that the market may still be chewing it over.

“We had been seeing a drop-off in buyer demand, both in the lead-up to the Budget and in its immediate aftermath, as it was confirmed that there will be an increase to stamp-duty charges for most home-movers and second-home buyers, and some first-time buyers.

“However, a second Bank Rate cut and a boost of optimism regarding 2025 appear to have reversed this trend at least temporarily.

“Zooming out of these short-term trends, the big picture of market activity remains positive when compared to the quieter market at this time last year. This sets us up for what we predict will be a stronger 2025 in both prices and number of homes sold, particularly if mortgage rates fall by enough to significantly improve affordability for more of the mass-market.”