UK house prices post 2% year-on-year rise, despite 2.6% fall in November

Written on:November 19, 2012
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UK property market boost expected in 2013 from Rightmove data

The latest UK property market data shows that the market is ending 2012 on a triumphant note with the highest annualised rise in house prices for five years and a rise in search activity and new buyer inquiries.

Despite property prices falling 2.6% in November, the Rightmove house price index shows that the UK property prices have increased by 2% or £4,617 year-on-year, the highest annual rise since November 2007 and prices have still risen, by 0.2%, even if the London property market is removed from the figures.

It is expected that the UK property market will gain momentum in 2013 as the new sellers have dropped asking prices in November by 2.6%, £6,407, which means that in November, the average asking price for a UK property is £236,761, down from £243,168 in October.

Rightmove data also indicates that property search activity has increased by 20% and new buyer inquiries are up by 11% on the same time last year. The research shows that London house prices continue to increase at 8.8% over the year, as opposed to the rest of the country which is seeing stable prices, with a rise of 0.2%. The average property prices in London are £483,709. London is seen benefitting from strong overseas buyer interest, with the most expensive boroughs seeing the largest price rises.

The research shows that supply of properties in the lower price bracket has fallen. New properties coming to the market for investors and first-time buyers valued at below £150,000 has fallen by 5% on 12 months ago.

Miles Shipside, director and housing market analyst at Rightmove, said that November’s fall was better than expected and suggested that the market is in good shape as it enters the winter lull. “This stability may indicate a sounder springboard for 2013 as the wait goes on for a sustainable recovery in transaction numbers.”, he said.

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