Advertisement

Sellers pull out of the property market ahead of the Christmas election

The number of people putting their house on the market has seen its biggest fall for over ten years, as the housing market continues to cool.

BRITAIN-ECONOMY-CONSTRUCTION-EU-HOUSING
Asking prices have seen their biggest falls for over ten years.

The number of people putting their house on the market has seen its biggest fall for over ten years, according to the latest data from property website Rightmove. Asking prices have also fallen but that is normal for this time of year as the market slows ahead of Christmas.

In the four weeks to 9 November, the number of sellers fell by almost 15% compared with the same period last year and is the biggest annual fall since August 2009. Miles Shipside, director of Rightmove, speculates that sellers may be put off by a combination of Brexit and a general election; something that's "obviously a new combination for many thousands of buyers and sellers". Many owners may be waiting to see what, if anything, happens to stamp duty after the election.

Advertisement - Article continues below

The average asking price of a home in the UK has risen by 0.3%, compared with a fall of 0.2% in the previous month. But with wages rising at 3.6%, says the Office for National Statistics, and consumer price inflation running at 1.5%, affordability continues to increase and the risk of a catastrophic house price crash subsides.

house-price-chart

Just one region saw asking prices rise in the last month the East Midlands registered a rise of 0.3%.

On an annual basis, London house prices are among the country's biggest fallers the average asking price of a home in Greater London fell by 0.8% in the last year to £609,506. The top end of the market is bearing the brunt of the falls, with a 5.4% monthly slide and a 3.7% annual fall.

The biggest annual fall was in the East of England region, where the average asking price fell by 1.1% in a year to £346,981. Sellers in Yorkshire and the Humber, while seeing a monthly fall of 1.3%, have seen the biggest annual rise at 3.1%, with the average asking price now £192,808.

Advertisement
Advertisement

Recommended

Beyond the Brexit talk, the British economy isn’t doing too badly
Economy

Beyond the Brexit talk, the British economy isn’t doing too badly

The political Brexit pantomime aside, Britain is in pretty good shape. With near-record employment, strong wage growth and modest inflation, there is …
17 Oct 2019
UK house prices hit a new record high – can it last?
House prices

UK house prices hit a new record high – can it last?

Despite the pandemic, UK house prices have hit a new high. John Stepek looks at what’s driving the surge in prices, and what it means for house prices…
7 Aug 2020
Properties for sale for around £500,000
Houses for sale

Properties for sale for around £500,000

From a 1920s timber house on a private island in Loch Lomond, to a two-bedroom Victorian cottage in Kingston upon Thames, eight of the best properties…
7 Aug 2020
We're all going to have to be a lot more flexible
UK Economy

We're all going to have to be a lot more flexible

As the world gets older, we'll all have to retire later and finance it for longer. That's going to take a major rethink about an awful lot of things, …
6 Aug 2020

Most Popular

Eagle Lightweight GT: the reincarnation of the E-type Jag
Toys and gadgets

Eagle Lightweight GT: the reincarnation of the E-type Jag

Jaguar’s classic E-type sports car has been reinvented for the modern age. The result – the Eagle Lightweight GT – is a thing of beauty.
7 Aug 2020
Don’t despair on dividends – these companies could be set to bring them back
Income investing

Don’t despair on dividends – these companies could be set to bring them back

The value of dividends paid out by UK stocks has plummeted this year as companies “rebase” their payment policies. But things could soon start to look…
6 Aug 2020
Platinum: the precious metal that looks set to play catch-up with silver and gold
Silver and other precious metals

Platinum: the precious metal that looks set to play catch-up with silver and gold

Gold and silver continue to soar, but there's still time to get in. And there's another precious metal that looks set to go on a bull run too, says Jo…
7 Aug 2020