House prices plunge by average of £6,000 in November as interest rates bite | Personal Finance | Finance

The average price of a house coming on the market fell by more than £6,000 month-on-month in November, according to a property website.

In the UK, Rightmove reported a 1.7 per cent (£6,088) drop in average asking prices for new sellers this month, bringing the figure down to £362,143.

While asking prices typically record falls during this season, the 1.7 percent drop is the most significant percentage decline recorded for November in five years, the report said.

Rightmove said the drop shows that new sellers are accepting more realistic price expectations from the start of their marketing, to attract potential buyers.

Tim Bannister, Rightmove’s director of property science, said: “We would expect new seller asking prices to fall in the last few months of the year, as serious sellers start to distance themselves from discretionary sellers and cut back on the December. noise with an attractive price to secure a buyer.

“However, this month’s larger-than-usual drop shows that, amid normal pricing seasonality, more new sellers are heeding their agents’ advice and coming to the market with more attractive prices to stand out from their overly optimistic competition. .

“There are still buyers out there, but for many their affordability is much lower due to higher mortgage rates.

“It now seems that more sellers are understanding Rightmove’s research; that they are much more likely to get a buyer if they price it right the first time, rather than overpricing and then reducing their price later.”

More to follow…

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