Home sellers dropping asking prices by more than 3%

London prices forecast to grow by 3% in 2013
  • @shedworking

New sellers have chopped an average of £7,772 (or 3.3%) off asking prices this month, the largest monthly decrease ever reported by Rightmove.

“December is the most likely month for sellers coming to market to get very real about the price they ask for their home," said Miles Shipside, Director and housing market analyst at Rightmove. "This year they’vegone a bit further than ever before, though in truth it is symptomatic of the ‘all or nothing’ pattern of 2012. Many who put their property up for sale this close to the festive season will have a very good and pressing reason to sell, so Christmas will have come early for those buyers who have been able to bag a bargain."

Rightmove forecasts new sellers’ asking prices will rise nationally in 2013 by 2 per cent on average.  “There are several reasons for a slightly more optimistic market next year”, said Shipside. “There is a positive combination of lenders with greater funds to lend and buyers with a five-year itch to move. Many movers have had to put their housing aspirations on hold since the onset of the credit-crunch, but increased competition among lenders and the slow but steady increase in affordability of house prices may help some to finally move on.”

Their figures suggest that around the country in 2013 London’s growth in new seller asking prices will slow to around 3 per cent, with similar levels in the South East, South West and East Anglia. The growth in the East Midlands, West Midlands, Wales, North West, North and Yorkshire & Humberside will be more like 1 per cent.