You are here: Home - Mortgages - Buy To Let - News -

Asking prices record largest monthly drop since January

0
Written by: Shekina Tuahene
15/11/2021
The average asking price for a property coming to market fell by 0.6% to £342,401 in November, according to Rightmove.

According to the Rightmove house price index, this was the largest monthly decline since January this year and compared to a 1.8% growth last month.

On an annual basis, average asking prices were up by 6.3%.  

Rightmove suggested the monthly decline was down to sellers trying to attract buyers ahead of a post-Christmas surge in buyer activity.  

The company said it had been seeing a steady rise in buyer activity after the festive period each year, with over 51 million visits being made to its website between Boxing Day last year and the first working day of the new year. 

In preparation for this boom in interest, Rightmove said that in October there was a 14% rise in the number of requests made by homeowners for valuations from estate agents, compared with the same period last year. 

Tim Bannister, director of property data at Rightmove, said new sellers were giving prospective buyers an “early Christmas present” by dropping their asking prices. 

He said: “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.  

Bannister added: “Plus, if they’re able to secure a buyer for their home early in the new year and they are looking to buy again, it puts them in a powerful position to secure their next property.  

“In the current market, it’s a real advantage to be a “power buyer”, and have already sold your current home subject to contract when looking for somewhere to buy, putting you ahead when trying to buy another property, where there are other offers already on the table.” 

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

How to help others and donate to food banks this winter

This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...

Your rights for refunds if travel is affected by strikes

There have been a wave of strikes this year across many different industries, and more are planned over Christ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week