Economy

UK House Prices Slide 0.8% In November - Rightmove

UK House Prices Slide 0.8% In November - Rightmove”

Across England and Wales, the average asking price for a home coming on to the market in November is £311,043 - down 0.8 per cent on October.

Rightmove, which claims to list 90% of the houses being sold in the United Kingdom, said 37% of current sellers had dropped their asking price, with a typical 0.8% or £2,392 price reduction. It also warned that those who recently put their property on the market were being too optimistic by not discounting by more.

The proportion of London home sellers dropping their asking price is rising as the property market slumps further.

"Buyer demand has cooled and to warm up their interest both new-to-the-market sellers and those already on the market need to tempt them on price", said Rightmove Director Miles Shipside.

"The effect is an impromptu autumn sale with the largest proportion of sellers on the market having reduced their initial asking prices at this time of year since 2012".

The average reduction is 6.3 per cent.

Mr Shipside added: "Given that the market has been price-sensitive for a quite a while, and a five-year high proportion of sellers are slashing their prices, some sellers and their agents are over-pricing".

Rightmove's analysis of homes that have successfully sold suggests those that sell typically generate over 40% more online interest in the first three weeks than those that do not sell.

Lucy Pendleton, of the London estate agent James Pendleton, said sellers in the capital are facing some particularly tough decisions.

He also pointed out the dangers of having to reduce the price, which could spook buyers who might think that there is something wrong with the property.

"This barely moves the needle when you turn it into a percentage. Being realistic achieves far better results in the end".



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