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Asking prices fall in November

Christina Hoghton
Written By:
Christina Hoghton
Posted:
Updated:
27/02/2024

Sellers know they need to offer a good price to attract attention in the run up to Christmas

It’s good news for buyers this month, as the price of property coming to the market in November has fallen by an average of 1.7% – that’s over £5,000 on average, according to Rightmove.

The property portal noted that it is normal for asking prices to dip at this time of year ‘to attract buyers who are increasingly distracted by the run-up to Christmas’.

Notwithstanding the seasonal trend, this is the largest drop in the month of November since 2012, suggesting this is about more than just Christmas.

Rightmove said that ‘the backdrop of cooling markets in the south and in the upper price sectors, combined with the political uncertainty, has resulted in new sellers lowering their asking price aspirations earlier than usual’.

Despite the price reduction, slightly more sales have been agreed than in the same period a year ago.

Miles Shipside, Rightmove director said: “New sellers and their agents are reacting to market forces and lowering their pricing aspirations by more and sooner than usual. Stretched buyer affordability and the cooling markets in the south and in upper price brackets have combined with the ongoing political uncertainty to change pricing optimism into pricing realism.

“This is a welcome effort by sellers to minimise the usual pre-Christmas market slowdown.”

Where are asking prices falling?

All regions have seen a monthly fall, with most of the largest falls in the south.

After Yorkshire and the Humber, the second largest monthly faller is the South East with an average 2.1% fall (-£8,647).

Some of the more expensive towns in the London commuter belt, which had seen over 40% price rises since 2011, have experienced significant price falls, including Rickmansworth (7.1%), Esher (-6.4%) and Gerrards Cross (-6.0%).

Shipside said: “New sellers of property now coming to market in this region have belatedly lowered their price sights.”