Features

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

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.

Subscribe to MoneyWeek

Become a smarter, better informed investor with MoneyWeek.

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%.

Advertisement
Advertisement - Article continues below

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

Recommended

Visit/516758/beyond-the-brexit-talk-the-british-economy-isnt-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
Visit/economy/uk-economy/600824/how-the-bbc-can-survive-the-end-of-the-tv-licence
UK Economy

How the BBC can survive the end of the TV licence

The TV licence that funds the BBC is looking way past its sell-by date, says Matthew Lynn. Here's how it could survive without it
16 Feb 2020
Visit/economy/uk-economy/600837/rishi-sunak-new-chancellor-spending-splurge
UK Economy

Britain has a new chancellor – get ready for a major spending splurge

The departure of Sajid Javid as chancellor and the appointment of Rishi Sunak marks a change in the style of our politics. John Stepek explains what's…
14 Feb 2020
Visit/investments/property/600826/living-on-a-houseboat-the-pros-and-cons-of-a-floating-home
Property

Living on a houseboat: the pros and cons of a floating home

Living on a houseboat sounds romantic and peaceful. But it’s not as straightforward as it looks, says Nicole Garcia Merida
14 Feb 2020

Most Popular

Visit/economy/uk-economy/600824/how-the-bbc-can-survive-the-end-of-the-tv-licence
UK Economy

How the BBC can survive the end of the TV licence

The TV licence that funds the BBC is looking way past its sell-by date, says Matthew Lynn. Here's how it could survive without it
16 Feb 2020
Visit/economy/uk-economy/600837/rishi-sunak-new-chancellor-spending-splurge
UK Economy

Britain has a new chancellor – get ready for a major spending splurge

The departure of Sajid Javid as chancellor and the appointment of Rishi Sunak marks a change in the style of our politics. John Stepek explains what's…
14 Feb 2020
Visit/investments/property/600826/living-on-a-houseboat-the-pros-and-cons-of-a-floating-home
Property

Living on a houseboat: the pros and cons of a floating home

Living on a houseboat sounds romantic and peaceful. But it’s not as straightforward as it looks, says Nicole Garcia Merida
14 Feb 2020
Visit/investments/commodities/600729/the-rare-earth-metal-that-wont-be-a-secret-for-long
Sponsored

The rare earth metal that won't be a secret for long

SPONSORED CONTENT – You can’t keep a good thing hidden forever; now is the time to consider Pensana Rare Earths and the rare earth metals NdPr.
31 Jan 2020