Asking prices fall for third straight month
Asking prices fall for third straight month
Monday 14th December 2009
Property asking prices have fallen for the third consecutive month according to the latest house price index.The fall comes despite there being the fewest properties on the market for 21 months.
The Rightmove house price index for December shows a fall of 2.2 per cent, on average £4,977, in asking prices this month. This follows a fall of 1.6 per cent seen in November.
The winter quarter decrease has been put down to the motivation of winter sellers' outweighing the comparative lack of choice faced by potential buyers.
Experts predict a change in this trend in the spring of 2010 when heightened activity is expected to send property prices back up. This upturn is though thought to be only temporary with prices forecast to dip after a general election.
Miles Shipside, commercial director of Rightmove, said: "Those contemplating selling should spend some of the festive break researching their local market before seeking professional opinion very soon after the new year. Time may well be of the essence as the election is likely to be a party pooper."
He added: "2009 turned out to be a good time to trade up, and we forecast the positive mood will continue into 2010 until the post-election hangover kicks in."
The effect of the pre- and post-election rise and fall in house prices means that 2010 is forecast to see a standstill in the national average of asking prices.
The predicted fall in prices after a general election are due to less forbearance expected to be shown by lenders to those with accumulating arrears which could result in an increase of forced sales.
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