More property looks to have come to the market over the last few weeks than this time a year ago, with new listings up nearly 5%.
This morning Rightmove published its latest house price index between November 5 and December 2, based on 77,731 new asking prices.
For the same period a year ago Rightmove at first reported having measured 80,695 new asking prices but it subsequently restated last year’s figures to 74,100 new asking prices – meaning there is an uplift in volume of 4.9% year on year.
But Rightmove is due to restate all its figures again next month, and so the uplift is likely to be adjusted.
Today’s latest Rightmove report shows average new asking prices at £302,865, down 2.6% on a month ago and 0.8% down on this time last year. The monthly fall, equivalent to an average of £8,178, is the largest in five years.
However, annual asking price inflation is still up – at 1.2%.
The monthly fall of 2.6% is the steepest this year, and more than the average fall of 2.1% at this time of year over the last seven years.
Rightmove is also forecasting that new asking prices will rise only 1% next year.
It said that while shortages of properties in some areas will push up asking prices, this will be offset by other new sellers having to trim their initial price aspirations.
Director Miles Shipside said: “Increasingly stretched buyer affordability, exacerbated as intended by tighter lending criteria and increased Stamp Duty for second-home owners, is taking its toll on upwards price pressure.
“It is aided by a slowdown in the higher-end markets, with the influence of a readjusting London being a weighty factor on the national averages.”
He predicted that most of next year’s price hotspots will be in the north.
As mentioned, a further restatement of all numbers is expected by Rightmove next month which, for the first time, will also be specifically including Scotland in its monthly reports.