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Buyers and sellers play ‘wait and see’

  % Change in month% Change Past YearAve house price
Nov HPI-3.2%%1.3%£229,379
Oct HPI3.1%2.9%£236,849

Key points

  • November sellers cut their asking prices by 3.2%, the biggest monthly drop since December 2007
  • Falls now recorded in 4 out of the last 5 months, as year-on-year price growth heads for zero
  • 24,028 new sellers coming to market per week, down 9.1% on previous month yet still outstripping muted mortgage approvals by 2 to 1
  • Unseasonally high number of unsold properties and longest ever time on the market mean sellers face tough competition, while winter buyers hang back waiting for bargains

View Index comparison

Rightmove: compiled from asking prices of properties as they come on the market via Rightmove's member estate agents over the previous month, covering over 90% the market. Not seasonally adjusted. (Seasonally adjusted figure used for the Halifax from Nov 2003, as no unadjusted figure has been published.)

Halifax: based on mortgage approvals of loans agreed by Halifax Bank of Scotland over the previous month, seasonally adjusted.

Nationwide: based on mortgage approvals of loans agreed by Nationwide Building Society over the previous month, seasonally adjusted.

Rightmove measures asking prices and does not seasonally adjust its figures, while Nationwide and Halifax both report data based on mortgage offers, seasonally adjusted. The index offered by the CLG (Department of Communities and Local Government) measures prices at completion stage, not seasonally adjusted.

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