Drewery Sales Property Market Update November_2023

HOUSING MARKET STARTS TO PICK UP
Average new seller asking prices increased marginally by 0.4% in September following three months of falls, according to Rightmove.

The rise, which is lower than usual for this time of year, equates to £1,386 in real terms and takes average asking prices across the country to just over £366,280.

The property website says the market was subdued in August due to a combination of interest rate rises and buyer and seller summer holiday distractions which led to price reductions creeping up to a level not seen in over a decade.

Over a third of properties on the market saw a price cut, reducing on average by 6.2% or £22,700 suggesting that some sellers were too optimistic on their initial asking prices and have had to make some bigger than usual adjustments.

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