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UK House Prices Log Bigger Than Usual December Drop: Rightmove


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UK house prices declined more than they usually do during December as determined sellers reduced their prices in order to achieve a quicker sale as the economy slides into a recession, data from property website Rightmove showed Monday.

Average prices of property coming to the market declined 2.1 percent monthly, after a 1.1 percent fall in November.

On a yearly basis, house price growth eased sharply to 5.6 percent in December from 7.2 percent a month ago.

In the whole year of 2022, asking prices of sellers were 5.6 percent higher than a year ago, versus 6.3 percent in 2021.

The property website forecast an average 2 percent decrease in house prices next year as economic headwinds continue to soften activity and lead to a more normal market.

After acting extremely quickly, there will be less urgency in the market as buyers wait for the right home, and some sellers will hold out to gain higher price, Rightmove said.

“We could therefore see a stand-off in the early months of 2023 between some sellers who are in no rush to drop their prices, and those affordability-strapped or hesitant buyers,” Tim Bannister Rightmove’s Director of Property Science said.

The time taken to find a buyer for the property in the market would go up to around 60 days, Rightmove noted.

“We’re heading towards a more even balance between supply and demand next year, but we don’t expect a surge in forced sales which would cause a glut of properties for sale and contribute to more significant price falls in 2023,” said Bannister.

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