The average UK house price fell by £5,222 or 1.7 per cent in November, according to Rightmove.
The property website tracks asking prices of properties coming on to the market and says prices are falling fastest in Britain’s wealthiest towns as Brexit uncertainty grips the property market.
Rightmove reports that the biggest falls are in London, where the typical asking price fell by £10,793 (a fall of 1.7 per cent) and in the south-east of England, where prices were down £8,647 (2.1 per cent). The figures are in contrast to October when the average asking price rose 0.9 per cent.
The website said that while it is usual for sellers’ asking prices to fall in the run-up to Christmas, it is the largest month-on-month price fall it has seen in any November since 2012.
According to Rightmove, the average house price now stands at £302,023, which is 0.2 per cent or £607 less than a year ago.
Mortgage Advice Bureau head of lending Brian Murphy says: “Today’s report suggests that asking prices have cooled over the last month, which is slightly earlier than normal as usually we would expect to see a similar pattern emerge in December in the final weeks before the Christmas holidays. However, given current political and economic headwinds, this may be the result of estate agents providing their clients with pragmatic advice that vendors are taking that on board, particularly if they are motivated to move in the short term.
“This cooling vendor expectation, coupled with mortgage lenders who are pricing competitively to capture available market share in the lead up to the end of the year, means that the current climate may offer a distinct window of opportunity for some buyers. For those who need to sell in order to move home it’s worth remembering that, in this sort of environment, any reduction that a vendor may accept on their desired asking price is likely, if they are trading up, to be less than they themselves will be able to negotiate on their onward purchase.”
Yomdel chief executive office Andy Soloman says: “Home sellers are certainly tightening their belts this year more than most and seem much more realistic about finding a pre-Christmas buyer this time around.
“With the growing stench of a stale Brexit, let alone a no-deal Brexit, and with cabinet members dropping like Christmas tree pine-needles, it’s little surprise that the property market is preparing for the worst. Akin to a gift-shop in January, bargains surely beckon.”