Home sellers have dropped their asking prices in a bid to tempt house-hunters ahead of the Christmas cooldown, an analysis of the British property market has revealed.
The research, published by property portal Rightmove, suggests that some homeowners are willing to accept less to move on before the New Year.
According to the report, November has seen the “largest” monthly fall in asking prices since January this year, with the average property price dipping by around 0.6% (£2,044).
It means the national average asking price has fallen from £344,445 in October to £342,401 in November – although this figure is still 6% higher than the same month one year ago.
The analysis comes ahead of the festive period – a busy time for families but a relatively slow period for the housing market.
“Despite the soaring property market and shortage of choice of homes for sale, new sellers have given buyers an early Christmas present by dropping their average asking prices,” said Rightmove’s Tim Bannister.
“Sellers who come to market this close to the distractions of Christmas often have a pressing reason to sell, so naturally price more attractively to grab the attention of prospective buyers who may be otherwise occupied.
“We expect this downward price trend to be relatively short-lived, though sellers who are in a hurry will continue to need to attract buyers for most of December as well.”
The dip is expected to last only until Christmas, however, after property visits jumped 54% in the days after Christmas last year.
The report in this article includes National Statistics, our local market is still thriving, and sellers are urged to take full advantage of the stock shortages. Call us for a free valuation today on 020 8591 9088.
For help and advice with related matters, please get in touch with our Branch Manager, Emma Wallington, at emma@brookings.co.uk.
