Monthly UK House Price Stats – November. Has November gone with a bang? Here are the latest stats…
November traditionally sees a slight drop in the asking prices of properties new to the market as new sellers try to combat pre-Christmas distractions. November this year is no exception with a drop in new seller asking prices across the board. This is most pronounced in the South East and for properties at the top of the ladder with the average new asking price 1.7% lower than last month. Here in the South West, we are still experiencing a slightly lower drop than the national average.
There has been no movement on the average selling time and property stock remains stable. It is the top of the market sector which has seen the biggest falls in asking price in November. This has has had the effect of increasing the number of transactions however, with slightly more sales agreed than in the same period a year ago.
Miles Shipside, Rightmove director and housing market analyst comments: “While many thought that the down-to-the-wire Brexit deal uncertainty would hold people back from buying, more buyers have actually jumped in. Some buyers see this pre-Christmas price lull as a gift to their negotiations. It proves that people need to get on with their lives and will continue to buy homes if the underlying economic fundamentals remain strong.”
This echoes our own sentiments that a slightly cooling market should not be a disincentive to put your home on the market. On the contrary, in our experience, a more realistic asking price to begin with is likely to improve your chances of selling sooner.
The silly season fast approaching combined with more political uncertainty on the horizon has had an effect on the market at the close of the year. However, there are still good opportunities for motivated sellers and buyers keen to strike a deal. For those considering selling in the new year, now is a great time to start the process to ensure you are ready for the increased market activity in January. Get in touch if you would like a free valuation and market assessment of your property. If you are looking to buy – don’t forget to register with us to keep informed about new properties and any price reductions.
*Market sectors explained:
First-time buyer: This figure represents the typical property a first-time buyer would purchase, covering all two bed properties and smaller that come to market (houses and flats).
Second-stepper: This figure represents the typical property of a person moving from their first home, covering all three and four bed properties that come to market (houses and flats) excluding four bed detached houses.
Top of the ladder: This figure represents asking prices at the top end of the market, covering all five bed properties and above (houses and flats), as well as four bed detached houses.