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The average asking price of newly listed UK properties fell by 2.1% in December, according to the latest data from Rightmove on Monday.
The asking price fell to £359,137 from £366,999 in November. Against a year ago, however, average asking price remained 5.6% higher.
The online property marketplace said the slide in prices was bigger than usual for this time of year.
‘Though we would always expect prices to drop in December, as motivated sellers try to capture the attention of a buyer before Christmas with a competitive price, this monthly dip is the largest we’ve seen for four years,’ said Tim Bannister, director of property science at Rightmove.
‘It’s an understandable short-term reaction to the economic turmoil and unexpectedly rapid mortgage rate rises and reduction in availability of mortgage products that we saw in late September and October, before things began to settle down. Despite this we end the year with average asking price growth of 5.6%.’
Looking forward, Rightmove predicts an overall drop of 2% in average asking prices next year ‘as economic headwinds continue to soften activity and lead to a more normal market’.
By Heather Rydings, Alliance News senior economics reporter
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