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House sellers drop asking prices

19th November 2012 | back to article listings BACK    print this article PRINT

A better than expected fall in house prices this month is a sign that the UK property market is in good shape, according to Rightmove.

The drop of 2.6% - the least severe fall seen in November for three years - comes after an autumn rebound in October, when asking prices rose 3.5% month-on-month.

November is traditionally a quiet time of year for buying activity, with falls of 3.2% and 3.1% recorded in the month over the previous two years.

Rightmove claimed activity in the London property market helped to cushion the blow.

But despite the fall, the average property price across England and Wales grew by 2% year-on-year to 236,761 - the largest annual rise since 2007.

The property website said that even without the London boost, prices still rose 0.2% annually.

"Outside the capital, agents report prices are broadly flat in many parts of the country compared to a year ago," commented Miles Shipside, director and housing market analyst at Rightmove.

"This stability may indicate a sounder springboard for 2013 as the wait goes on for a sustainable recovery in transaction numbers."

Copyright Press Association 2012

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