The average price of newly marketed homes has dipped by 1.1% this month (-£4,159) to £366,999, according to Rightmove.
As is usual in November, sellers are pricing more competitively to try to find a buyer in the last months of the year. This monthly price drop is exactly in line with the average 1.1% that Rightmove recorded in November during the pre-pandemic years of 2015 to 2019, and so should not be regarded in isolation as a negative indicator the firm said.
However, there are signs that more existing sellers, whose properties were already on the market and unsold, are willing to take their agents’ recommendations and reduce their prices in order to achieve a quicker sale.
The proportion of unsold properties seeing a price reduction has increased only slightly from the pre-pandemic 7.5% in October 2019 to 8% this October. However, it has doubled from the figure of 4% in the frenzied market of October 2021.
Tim Bannister at Rightmove said: “Buyer demand is still performing better than it was during the more normal market of 2019, but it is clear that we have returned to a much more price-sensitive housing market after two years of a buying frenzy.”