Rightmove says house prices will fall for next three months
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Rightmove says it expects house prices to fall over the next three months as new sellers drop their asking prices.
In its monthly house price index, the property search engine says new sellers have dropped their asking prices by £3,744 or -1.6 per cent in the past month.
It said the average house price fell from £230,184 in October to £226,440 in November.
But house prices are 1.6 per cent higher than this time last year and this is the largest increase since a 2.2 per cent rise in May 2008.
Rightmove commercial director Miles Shipside says: “In all but the most buoyant of markets, home moving comes second to Christmas festivities. While the market has recovered from some dreadful lows, this month’s price fall proves that it does not yet have the strength to buck seasonal trends. We therefore expect three months of asking price falls before a tentative recovery in early spring, likely followed by pre-election jitters”.
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