Housing Market Sees Further Falls In Sking Prices

The UK housing market has seen the largest fall in asking prices during the November and December for three years, according to new research released on Monday.

The asking price of houses has been slashed by 3 percent over the past four weeks according to research undertaken by property website Rightmove.

In the biggest drop during the winter months since 2007, the average asking price of a house in the UK fell by almost £7000 to £222,420 in the four weeks leading up to 4 December.

All regions were affected by month-on-month falls with the West Midlands experiencing the most severe price drop of 5 percent. Wales was the least affected with asking prices dropping by only 1.3%.

The Director of Rightmove, Miles Shipside said that the figures demonstrated the current financial strain on new buyers and those wishing to sell their homes:

“The fact many would-be buyers do not have the ability to proceed, and some homeowners may find themselves in a position where they are forced to sell, drives prices down.

“These negative factors are likely to outweigh the positive price pressures of pent-up demand for housing and a price under-pinning shortage of quality homes in popular locations,” he added.

Rightmove predict that house prices call fall up to as much as 5 percent in the New Year as the result of forced sales.

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