According to the figures, the price of an average home in the UK fell by 1.7%. Although not unusual for prices to fall at this time of of year, this is the largest November drop seen since 2012.
Rightmove was keen to explain that the larger than usual drop has been compounded by a cooling market in the south as well as the upper price sectors, as well as the ongoing political uncertainty surrounding Brexit.
All regions saw a monthly price fall in November, with most of the largest falls again in the south of England.
These factors have contributed to the first national year-on-year price fall since November 2011, with the price of newly-marketed property now 0.2% cheaper than 12 months ago.
However Rightmove says this price slowdown is seen as an early Christmas present for some buyers, with numbers of sales agreed up nationally by 1% compared to same period a year ago.
Miles Shipside, Rightmove director, commented: “New sellers and their agents are reacting to market forces and lowering their pricing aspirations by more and sooner than usual. Stretched buyer affordability and the cooling markets in the south and in upper price brackets have combined with the ongoing political uncertainty to change pricing optimism into pricing realism. This is a welcome effort by sellers to minimise the usual pre-Christmas market slowdown. Some new-to-the-market sellers and their agents have acted early to try to improve the buying mood and avoid the traditional “buyer humbug” dislike of Christmas housing activity.
While many thought that the down-to-the-wire Brexit deal uncertainty would hold people back from buying, more buyers have actually jumped in. Some buyers see this pre-Christmas price lull as a gift to their negotiations. It proves that people need to get on with their lives and will continue to buy homes if the underlying economic fundamentals remain strong.”
