The house price rollercoaster continues

Just as we’ve been getting used to some positive signs for the housing market, somebody has to come along and spoil it with some facts. Rightmove the property website reported asking prices dropped by 1.6% in November and expect them to continue falling for the next two months. Prices fell as sellers looked to secure a sale before Christmas, their case helped by some buyers being equally keen to beat the imminent change in the stamp duty threshold. The November fall (how can this be, it’s only 16th as I type!) accounted for less than the October gain which Rightmove said, leaves the average asking price at £226,440. Rightmove's commercial director, Miles Shipside, said: 'We expect three months of asking price falls before a tentative recovery in early Spring, likely followed by pre-election jitters.’ Shipside said the market would be hit by the seasonal impact of Christmas - with potential buyers or sellers focused on the festive season rather than moving home - before seeing a further pullback driven by the withdrawal of the stamp duty and VAT holidays.

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