Property Market Sees Biggest House Price Drop Since 2008
The property market has experienced the largest drop in house prices for 14 years, but this has not put off homeowners wanting to sell their property online.
The property market has experienced the largest drop in house prices for 14 years, but this has not put off homeowners wanting to sell their property online.
Whilst the bleak midwinter can sometimes make it more difficult to find a buyer, the New Year can lead to a sudden surge in estate agent activity. Here is why.
According to the latest Rightmove House Price Index, there was a 13 per cent rise in new sellers coming on to the market in November 2022 compared with the same month last year.
Starting in November and leading up until the start of the new year, house prices tend to dip compared to the prior months.
November and December can be somewhat quiet months, but the 26th December is a time that sellers look forward to and buyers start to survey the property market.
In the latter stages of 2022, there are a lot of pressures affecting the housing market, including increased mortgage rates
Over the past three years, the speed of sale has been a frequently discussed topic amongst buyers, sellers, estate agents and conveyancing brokers alike, although over the latter half of 2022 the reasons for this urgency have changed dramatically.
According to Rightmove’s House Price Index, the average house price in the UK has increased to another new record high of £371,158, although this increase is slightly lower than the five-year average.
A report from the Royal Institution Of Chartered Surveyors has predicted that a combination of factors could lead to the end of a 13-year boom period for the housing market.
The government’s recent decision to reduce stamp duty land tax (SDLT) will mean there will be an extra 200,000 homebuyers exempt from the levy.