New asking prices decline annually across UK for the first time in seven years

11/19/2018

Asking prices have fallen annually across the UK for the first time in seven years, Rightmove has revealed.

Data from the portal shows new listings this month were priced at £302,023, down 0.2% annually, the first such fall since November 2011.

The figure was also down 1.7% on a monthly basis, the steepest fall for November since 2012.

All regions saw a monthly fall in the price of property coming to the market.

The largest monthly decline was in the south-east with an average 2.1% fall, while new seller asking prices in London dropped by 1.7% and as much as 6.9% on the high-end properties in the centre of the capital.

Average time to sell was flat at 61 days, while average stock per agent was also level at 52.

The report also showed that the number of sales agreed was up just 1% annually in October.

Miles Shipside, housing market analyst for Rightmove, said: "New sellers and their agents are reacting to market forces and lowering their pricing aspirations by more, and sooner than usual.

"Stretched buyer affordability and the cooling markets in the south and in upper price brackets have combined with the ongoing political uncertainty to change pricing optimism into pricing realism."

Commenting on the report, Brian Murphy, head of lending at the Mortgage Advice Bureau, said: "Given current political and economic headwinds, this may be the result of estate agents providing their clients with pragmatic advice that vendors are taking on board, particularly if they are motivated to move in the short term."