Market Surge Runs Out Of Steam

Following the property surge in the autumn, prices are finally slowing down in the run up to Christmas, according to property website Rightmove.

Asking prices fell by 0.1% in November, compared with October’s rise of 3.3%. Annual house price growth has kept at below 10% for the third month running.

The website also found that demand outstripped supply for the sixth consecutive month, with an escalation in the number of buyers compared to sellers.

Greater London prices are up 1.1% however, and are effectively unchanged over the past twelve months, up just £69 on average from a year ago.

Prices rose in western regions, with Wales, the West Midlands, the North West and South West all up slightly.

The East Midlands also rose by a small amount, while most northern and eastern regions posted falling asking prices.

Commercial Director of Rightmove, Mike Shipside, said: ‘The strong autumn surge we saw last month is already running out of steam and the market is entering into the traditionally calm period in the run up to Christmas – as happens every year.

‘I wouldn’t expect any big rises in house prices now until after the new yea…maybe the housing market didn’t need the rate increase at all.’