Latest News

House prices dip in December – Rightmove

0

House prices dip in December – Rightmove By Sharecast

Breaking News

‘;

Economic Indicators

Published Dec 11, 2023 07:26
Updated Dec 11, 2023 07:41

House prices dip in December – Rightmove

Sharecast – According to the latest Rightmove House Price Index, house prices fell by 1.9% this month. Prices normally dip in December, due to seasonal factors, but this year’s fall was more than the previous 20-year average of a 1.5% decline.

Year-on-year, prices were just 1.1% lower, however.

The average asking price is now £355,177.

Rightmove said sellers were becoming more competitive with pricing as they looked to get homes sold in a “challenging” market.

But it also noted signs of more stable market conditions, as the market slowly shifted from “frenzy to normality”, which should see more family movers returns. Many families shelved plans to move to bigger homes after last year’s disastrous mini-budget sent mortgage rates soaring.

The number of agreed sales was down 13% on the same period last year, which Rightmove said was better-than-expected given that the 2022 market was “much more frenetic”.

Tim Bannister, director of property science at Rightmove, said: “We entered this year under a cloud of uncertainty, as the fallout from the autumn mini-budget filtered through to lower activity levels.

“High mortgage rates, which have added to already-stretched buyer affordability, have been a challenge throughout 2023, and this is likely to carry into next year.

“However, for now there appears to be more calm and certainty heading into 2024, and the annual fall of 1.1% in asking prices highlights the market’s much better-than-predicted resilience this year.”

Average mortgage rates have been falling for the last four months, with the average 5-year fixed mortgage rate now 5.11%, compared to 6.11% in July.

Read more on Sharecast.com

House prices dip in December – Rightmove

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning
Do not sell my personal information

© 2007-2023 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Bitcoin’s 2023 Rally Frays During Brief 7.5% Drop Toward $40,000

Previous article

Bitcoin’s shock nosedive sends long positions reeling

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News