Latest Rightmove House Price Index - The market becomes increasingly price sensitive!
The proportion of properties seeing a reduction is only slightly up on pre-pandemic levels, though a slowdown in activity from last year's frenetic market has led more sellers to be willing to reduce their asking price to agree a quicker sale!
Asking prices are up by 9.2% year-on-year in Norfolk!
Financial uncertainty continues though price drop in line with the norm
The average price of property coming to the market drops by 1.1% (-£4,159) this month, which despite the weight of financial uncertainty is in line with the average 1.1% drop recorded in November during the pre-pandemic years of 2015-2019.
New buyers appear to be holding off to wait for more financial certainty
The drop in buyer demand versus the strong market of last year is highest in the typical first-time buyer sector, with demand down by 26% on this time last year, though still up by 7% on this time in 2019. In the second stepper sector demand is down by 17%, and at the top of the ladder there has been a drop of 15%. Overall, total demand is still 4% higher than in 2019, but 20% lower than in October last year as the ongoing financial uncertainty weighs on the market.
Signs that mortgage rates and availability are now settling down
There are signs over the past few weeks that rates and availability are starting to settle down. This is despite a record breaking base rate rise last week, as that rise had largely been factored in by lenders.
To read the latest Rightmove House Price Index Report for November, please click here
SOURCE: Rightmove
