Average asking price for homes in the UK drops by £7,000 in December
Prices usually decrease at this time of year but fall is greater than 20-year average owing to high mortgage rates, says Rightmove.
The average asking price for a UK home has dropped by almost £7,000 this month as sellers became more competitive as they fought to find a buyer for their properties.
With prices expected to fall further in 2024, the property portal Rightmove has reported that the average new seller asking price fell by 1.9% month-on-month to £355,177. That is a drop of £6,966 compared with November.
Prices usually fall in December because of seasonal factors, Rightmove said, but this month’s drop is bigger than the average decrease of 1.5% over the past 20 years.
On an annual basis, Rightmove reported that new seller average asking prices are just 1.1% below a year ago, defying expectations of a steeper decline in prices during 2023.
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