House Price Drop ‘Normal For November’

Homeowners who have put their property on the market will be concerned about the recent drop in house prices. However, they have been reassured by Rightmove this is usual for November. 

It revealed values fell by 1.1 per cent in November, the equivalent of £4,159. This takes the average price for a home in the UK to £366,999, down from £371,158 in October.

This is in line with previous Novembers before the pandemic, as vendors are more willing to lower prices so they can find a buyer quickly before the end of the year. 

Tim Bannister, Rightmove’s director of property science, said: “Homeowners who come to market in the final few months of the year tend to price lower to attract buyers in the lead-up to Christmas, and we’re hearing from agents that both existing and new sellers understand that to sell in the current market, they need to price competitively.”

Despite this, the proportion of unsold properties that dropped their prices to ensure a quicker sale doubled from four per cent in October 2021 to eight per cent this October. 

At the same time, house prices have risen by 7.2 per cent from November 2021 to November 2022. 

The government recently cut stamp duty to encourage more buyers to the market and make homeownership more affordable. This will mean sellers will not have to drop their prices as much, as buyers will be able to afford the property more easily. 

If you’re looking for an estate agents in east Croydon to sell your home, give us a call today.