Asking Prices Fell in November

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Property asking prices fell in November for the first time in 3 months as owners aimed to sell by the end of the year.

UK’s biggest property website, Rightmove, reported a monthly drop of 1.6% in the property asking prices in November. This change in property prices marked its first drop in three months – with the average asking price standing at £226,440 in November.

It is explained by the fact that individuals are trying to shift properties before Christmas – which is seen as a psychological deadline for homesellers. It has been predicted further that the monthly fall will not be recovered until February next year.

Miles Shipside, commercial director of Rightmove, said: “In all but the most buoyant of markets, home moving comes second to Christmas festivities. While the market has recovered from some dreadful lows, this month’s price fall proves that it doesn’t have the strength to buck seasonal trends. We expect three months of asking price falls before a tentative recovery in early spring, likely followed by pre-election jitters.”

Besides this monthly fall, London property asking prices were 3.1% down in October compared to the prices last year. Furthermore, about 89,100 properties were put on the market this month – that is at a similar level of a year ago. Yet, the figure is still 30% below the peak level in 2007.

16th November 2009