Property asking prices fall in November

14 November 2012

Monthly property asking prices fell by 2.6% in November, according to property website Rightmove, taking the average asking price to £236,761.

However, the monthly reduction of just over £6,000 was the least severe November decline for three years.

Nationally, asking prices have remained largely flat over the past year, with only a 0.2% rise recorded in the past 12 months once the 'London effect' has been removed.

Terraced houses and flats have seen the biggest price rise over the past year - both up by more than 4% - attributed to a reduction in the number of these properties coming on to the market in the first-time buyer bracket.

Although rising prices, however small, might be encouraging for homeowners wanting to sell up, it's important to remember that Rightmove data is based on asking prices not sold prices.

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Reality gap

Russell Quiirk, director of online estate agent, says: "The Rightmove average asking price of £236,761 is way above the average sale price, according to the likes of Halifax (£158,426). So, there's still a 'reality gap' between that which sellers are asking and buyers are paying."

He adds: "Increased demand is great news. But sellers and their agents shouldn't break out the champagne just yet."

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