The latest Rightmove and property news
Average asking prices in Wales dropped by -1.3% in the past month as the market in Wales avoided the more heavy falls seen across the UK. The national average asking price dropped by -3.2% as the slow-moving market forced sellers to try and tempt buyers to move before the Christmas slowdown takes hold.
The House Price Index is the largest, most up-to-date monthly sample of residential property asking prices. The index monitors changes in house prices both annually and monthly, providing a comprehensive view on the current state of the property market in England and Wales.
New sellers in November cut their average asking prices by 3.2%, the biggest monthly fall recorded since December 2007. Rightmove has now seen falls in four out of the last five months, and with continuing as we move into the tougher winter selling season, anyone who is serious about selling will have to ensure their property stands out as a bargain buy.
New-to-the-market sellers in London slightly reduced their average asking prices by 0.4% this month, retaining most of last month’s large gains when Rightmove recorded prices going up by 5%. London continues to buck the national trend as generally the UK saw a much larger average price fall of -3.2%.
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The proportion of first-time buyers set to enter the property market has seen a recovery from the record low seen last quarter.
The Rightmove House Price Index has seen an increase in average asking prices every October for the past 10 years, so it was perhaps not surprising to see a 3.1% rise over the past month.
An October increase of 4.3% or less would have meant London prices fell year-on-year. However, the 18,497 sellers who came to the market in the last month increased their average asking prices by 5% compared to sellers in the previous month.