Average asking price for homes in the UK drops by £7,000 in December

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.

To read the rest of this article from The Guardian, please visit the following link:

www.theguardian.com