As the festive season draws near, the housing market is experiencing its usual year-end slowdown. Through November and December each year, buyers begin to switch their attention to Christmas and put their house hunting on hold until the New Year, while some sellers take the decision to lower prices to try and attract those that remain actively searching.
According to Rightmove’s latest House Price Index, the average asking price for new sellers has dropped by 1.7% this month, bringing the average price to £360,1971.
Despite the monthly decline, Rightmove reports that house prices have risen by 1.4% compared to the same time last year, aligning with Rightmove’s prediction of a 1% annual increase. The market remains active, with a 22% increase in sales agreed and a 13% rise in buyer inquiries compared to last year.
The rush to complete purchases before the upcoming stamp duty deadline on 1st April 2025, has also contributed to the current market dynamics. Notably, there has been a 20% increase in listings for smaller homes in London over the past month.
Regional variations are evident, with smaller price falls in the North West, Scotland, and the South West, while the North East saw a 1% increase in prices for first-time buyer homes.
Interestingly, Rightmove also describes another annual trend as they see website activity dramatically increase on Christmas Day and Boxing Day afternoons, known as the traditional annual ‘bounce’. Last Christmas they report seeing a 273% lift in visits over the period.
For more detailed insights, you can read the full article on Rightmove’s website here: Why have house prices fallen this month?.
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