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Average house price falls by thousands in November

Across the UK, the typical asking price for a home coming onto the market is £366,592

Vicky Shaw
Monday 18 November 2024 06:25 EST
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Related: UK regions where house prices have risen the most shared as average property values increase - April 2024

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The average price tag on a newly marketed home fell by more than £5,000 in November, according to a property website.

Across Britain, the typical asking price for a home coming onto the market is £366,592, down by 1.4 per cent or £5,366 month-on-month, Rightmove said.

The usual drop seen at this time of year is 0.8 per cent and November is the second month in a row that price growth has been weaker than usual, Rightmove said.

In October prices increased by 0.3 per cent, which was lower than the typical 1.3 per cent rise for that month.

Rightmove expects asking prices to increase by 4 per cent across 2025, but it cautioned that the market remains price-sensitive, and seller competition is at its highest level for a decade.

While more mortgage rate cuts are still expected during 2025, Bank of England base rate cuts are now forecast to be slower-paced, Rightmove said.

Tim Bannister Rightmove’s director of property science said: “The big picture of market activity remains positive when compared to the quieter market at this time last year.

“This sets us up for what we predict will be a stronger 2025 in both prices and number of homes sold, particularly if mortgage rates fall by enough to significantly improve affordability for more of the mass market.”

(Andrew Matthews/PA Wire)

Rightmove said its data indicates that a drop in buyers contacting estate agents about homes for sale after the autumn Budget was followed by a rise in buyer demand in response to the recent Bank of England base rate cut.

But the website still expects to see the usual seasonal slow-down in home-moving activity in the run-up to Christmas.

Mr Bannister added: “We now predict that we’ll see a stronger year for prices in 2025. The signs are that the market momentum that we’ve been seeing this year will continue into next year, especially if mortgage rates drop to a level that gives greater affordability to some movers who have been waiting in the wings until now.

“However, we still expect some twists and turns next year. The speed at which mortgage rates come down next year will be key in determining activity levels for some of the market’s traditionally busiest periods, and sellers will still need to price temptingly enough to secure a buyer while the choice of homes for sale remains as high as it is right now.”

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