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Financial News: UK House Prices Fall In November: Rightmove

UK House Prices Fall In November: Rightmove

11/16/2020 - 07:47:00 (RTTNews)

(RTTNews) - UK house prices declined in November despite continuing strong buyer demand as new sellers joined the rush to sell and beat the March stamp duty deadline, property website Rightmove said Monday.

House prices fell 0.5 percent on a monthly basis, in contrast to a 1.1 percent rise in October.

Year-on-year, house prices advanced 6.3 percent, faster than the 5.5 percent increase seen in October.

Data showed that national sales agreed were up 50 percent on October last year. According to Rightmove, there was 650,000 sales going through the buying and selling process, which was 67 percent more than at the same time in 2019.

"Given the ongoing mini-boom, prices might have been expected to rise again this month, but instead we have a slight dip which could be a result of some new sellers pricing more realistically to have a better chance of agreeing a sale in time to benefit from the stamp duty savings on their onward purchase," Tim Bannister, Rightmove's Director of Property Data, said.

After some brief hesitation as people waited for the detailed government guidance and legislation, it is now clear that home-movers are carrying on with their searches and sales during this second lockdown in England with the market staying open, Bannister added.

A study of different asking price bands between GBP 100,000 and GBP 500,000 showed stronger growth in activity in the higher price bands, where buyers stand to make the biggest stamp duty savings.

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