House prices drop in November
Rightmove have witnessed a 0.7 per cent drop within property
The average asking prices fell to £239,986, with annual
house price growth down to 7.9 per cent.
For 2008 predicament, there is zero growth expectations in property
prices, and major downscaling in real terms.
Commercial director at Rightmove, Miles Shipside commented: "House
prices are set to flatline in 2008. While we do not expect a
price drop overall, there will be parts of the country that are
over-priced and over-supplied for the likely levels of affordability
and demand next year."
Data shows that homes are now on the market for the longest time
since 2002. The average property is now on the market for 92
Mr Shipside is advising sellers to drop prices now so it will
give sellers a chance to sell their home, otherwise they could
lose out more later.
“Seriously consider dropping your price and taking an offer
now rather than holding out. You could end up being offered even
less in a few months’ time."
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