House Price Index

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Early days of Help to Buy fail to halt usual pre-Christmas fall in new seller asking prices

  % Change in month% Change Past YearAve house price
Nov HPI-2.4%+4.0%£246,237
Oct HPI+2.8%+3.8%£252,418

Key points

• New seller asking prices drop by 2.4% (-£6,181) in line with normal pre-Christmas trend

• Despite the hype, too early for tangible impact from Help to Buy Phase Two:
        - One in four potential home-movers unaware of Phase Two extension, some of whom have not heard of Help to Buy at all
        - Bubble-preventing Mortgage Market Review bares teeth as estate agents report few Help to Buy mortgage applications have so far been approved
        - Flat and terrace listing numbers hold up, a sign of greater choice for first-time buyers?

• Underlying market recovery and building momentum for 2014 highlighted by:
        - 4% annual growth in asking prices is the highest seen in November since 2007
        - Stock per estate agency branch drops to 67 properties from 71 properties this time last year
        - Rightmove traffic since September's Help to Buy announcement up 30% compared to same period in 2012

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