House Price Index

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Prices fall but positive signs for 2013?

  % Change in month% Change Past YearAve house price
Nov HPI-2.6%+2.0%£236,761
Oct HPI+3.5%+1.5%£243,168

Key points

  • New sellers drop asking prices by 2.6% (-£6,407), the least severe November fall for three years
  • Prices up by 2% (+£4,617) year-on-year – the highest annual rate of increase seen in November since 2007 and still up by 0.2% year-on-year with the ‘London effect’ removed
  • Further positive signs for the market:

    - Rightmove search activity up 20% and enquiries up 11% on same time last year

    - Supply tightening in lower price brackets pushing up prices on terraces and flats by over 4%

    - Bank of England reports mortgage approvals up 9.2% on last quarter

  • Diminished equity restricts preparation for new year marketing, with only 17% of sellers willing or able to spend on a ‘make-over’ even if they would achieve a higher price
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House Price Index