16 Nov

Asking prices fall slightly

Asking prices fall slightly

Asking prices of property coming on to the residential market in England and Wales fell by 1.1 per cent last month.

Figures from the Rightmove residential index shows prices remain 4.5 per cent higher than the same point in 2015, making the average home now worth £305,670.

First-time buyers are continuing to pay more to step on the property ladder, with the asking price of homes with two bedrooms or less increase by 1.7 per cent over the month - twice the growth rate see in other sectors of the market.

However, there has been a fall in the asking price of so-called 'second stepper' homes, with a 0.6 per cent drop in values coming on to the market - although this is still 2.6 per cent higher than in November 2015.

“Overall, house prices continue to hold up well. This is the smallest drop in average November asking prices since we saw the same figure in November 2011. Furthermore, the average time to sell of 65 days is one day quicker than at this time last year,” explained Miles Shipside, Rightmove director and housing market analyst.

He did add that the news is not as good for those stepping on to the property ladder for the first time, with the time of year usually being prices for smaller properties falls, but this does not appear to be the case in 2016.

Mr Shipside called on the Chancellor’s autumn statement to target extra help for young buyers who are keen to own their own property.ADNFCR-1222-ID-801828471-ADNFCR

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