According to the latest Rightmove House Price Index, property prices in the UK fell in line with seasonal expectation in November. UK house prices fell 2.1 percent in November after falling 1.1 percent in the previous month. Prices fell by £6,511 on the month as expected, in line with the average over the last six years.
However, the strength of buyer activity was noted, with sales in November up 5.2 percent on the same month last year. Supply is still tight according to the property website, which is overriding Brexit nervousness. The average UK asking price currently stands at just below £300,000. Across London, the average rises to £616,000.
Property portal Rightmove said house prices across the UK are forecasted to rise by two percent in 2017, making it the seventh year of consecutive price growth. The report showed that Rightmove forecasts prices in inner London will ‘remain weak’ and fall by 5 percent. The expectation for outer London is a house price rise of 3 percent next year.
“There was a bout of jitters with the unexpected referendum result, albeit now seemingly short-lived, but more may arrive after Article 50 is invoked," says Miles Shipside, Rightmove director and housing market analyst.
UK's Office for National Statistics (ONS) on Tuesday released figures for house prices in October which showed an 6.9 percent annual rise across the United Kingdom as a whole compared with 7.0 percent in September. Prices in London alone rose by 7.7 percent, the weakest increase since June 2013.
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