Sales market update: prices keep coming down as sellers price more competitively 💹
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🗝️ Key findings from Rightmove's November's House Property Index:
House prices continue to fall in all property bands and locations...
🔸New seller asking prices drop by -1.7% (-£6,088) this month to £362,143 - this is usual for this time of year
🔸However, this year’s November drop is the largest in five years
🔸New sellers are increasingly adopting more realistic price expectations
🔸'Best and final bids' are certainly not a feature of today's market
🔸As a summary: challenging yes, but definitely more positive than many predicted with forced sales not widespread
🔸The number of sales being agreed is now -10% below same period in 2019
🔸 Available homes just 1% behind 2019 indicating that the pandemic-driven stock shortage appears to be over
🔸Bank of England holding Base Rate for second consecutive time, which supports buyer demand
🔸Mortgage Guarantee Scheme extension adds to this support, albeit not significantly
🔸Headline figures for the East Midlands are:
📩 You can download Rightmove's full House Property Index Report for November by clicking here 📩
In today's market, sellers must set the right price from the outset...
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📸 Expert property valuer Lisa Dahl-Parsisson at Cavendish Residential 📸
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