Property price drop could tempt pre-Christmas buyers

Property prices coming to the market have dropped by an average of £2,044 or 0.6%, according to the latest data from Rightmove’s House Price Index. 

Buyer demand is still high – the average time it took to secure a buyer for a property was 36 days in October this year, compared to 49 days in October 2020. 

Meanwhile, the average national asking price has increased by £6,000 to £344,445. This is the biggest jump since October 2015. There are more properties coming onto the market, but there still isn’t enough to supply current demand, meaning asking prices are at a record high. 

Usually, the late Autumn/early Winter period sees fewer buyers and sellers in the housing market. This year, however, there’s expected to be an influx of people selling their homes or remortgaging their properties. 

For example, last year the number of people searching for properties on Rightmove alone was 54% higher than the year before. There was also a 14% increase in requests for property valuations in October this year compared to the same time last year. 

Tim Bannister, Rightmove’s Director of Property Data said: “Sellers often wait until January to get their home on the market, but this year agents say that more people are trying to get a head-start on making 2022 their year to move by doing a lot of the prep before the New Year, including having their home ready to market during the Christmas period. Some savvy sellers are planning to get their photos taken before they put up their decorations, so that their property advert doesn’t look dated in January.”

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