Rightmove data sees house prices fall for Winter

Figures released by Rightmove see prices falling as sellers compete to find a buyer during the winter, which is traditionally quieter for the housing market. Prices have fallen by 1.7% this month, taking the average house price to £267,127 following growth of more than 8% over the rest of the year.

2014 has seen the highest level of housing activity since 2007 which means average stock levels at estate agents are at the lowest ever recorded, which in turn helped push prices up earlier in the year.

New listings of property being put up for sale are also slowing down, which could lead to a revival of house prices in the New Year as demand outstrips supply.

Miles Shipside, Rightmove director and housing market analyst says the “underlying demand remains strong but has been muted by higher prices stretching affordability at the same time as the ability to borrow more to fund those higher prices has been curtailed by tighter mortgage lending.”

Shipside says those looking to sell in the New Year should be aware that Rightmove data traditionally shows an increase in visitor numbers to the website over the Christmas holiday period. Last year, there were some 1.3 million visits to Rightmove on Boxing day, rising to 2.2 million by the time people went back to work.

If you’re thinking about moving next year and would like a conveyancing quote, please contact Sharon Sangha on 0116 212 1000.

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