The average asking price for a property for sale in the UK has fallen by nearly £10,000 in the past two months, new research has revealed.
Figures published by Rightmove in its House Price Index revealed that house prices around the country have dropped by 3.2 per cent since October.
This means properties are now on the market for an average of £9,719 less than they were in October. This is the biggest fall in prices over two consecutive months since 2012, when asking prices dropped by £11,836 in the same period.
In London, new seller asking prices dropped by 1.8 per cent in December compared to November. This makes price tags on London homes an average of £11,275 lower than they were a month ago.
However, Miles Shipside, Rightmove director and housing market analyst, noted that bigger drops have been experienced in the past. “This is a less aggressive reduction than the average of 2.9 per cent since 2013,” he stated.
Mr Shipside also added that the “relative scarcity” of properties coming onto the market in the capital means that sellers have less pressure to reduce their asking price to compete with other similar properties.
But there is often a spike in people looking for new properties just after Christmas, with the Press and Journal recently reporting that Boxing Day is often particularly busy when it comes to house hunting.
If you are planning a move around Christmas, it’s important to have everything organised well in advance to make it as stress-free as possible. Arrange home removals in North London in good time and make sure that you’ve started packing well before your moving day rolls around.