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"Overall, house prices continue to hold up well"

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Mon 14 Nov 2016

"Overall, house prices continue to hold up well"

Overview

Price of property coming to market has fallen by 1.1% (-£3,452) this month. This is a relatively strong performance, as the average fall over the last six years at this seasonally quieter time of year has been 1.8%. There has been no respite for affordability-stretched first-time buyers however, with their typical target property type of two bedrooms or fewer being the only sector with a month-on-month increase, jumping by 1.7% (+£3,256). This now puts their annual rate of increase up nearly £15,000 to 8.2%, double the average percentage growth rate in other market sectors. The government has pledged to help this increasingly frustrated group, and many will be hoping for some good news in the Chancellor’s forthcoming Autumn statement.

Miles Shipside, Rightmove director and housing market analyst comments: “Overall, house prices continue to hold up well. This is the smallest drop in average November asking prices since we saw the same figure of -1.1% in November 2011. Furthermore, the average time to sell of 65 days is one day quicker than at this time last year.