The prices being asked for homes for sale have seen their biggest overall decline since 2012, according to a news release by Property Wire on the 19th of November 2018.
But the market seems to be adjusting to the changed conditions realistically as both vendors and purchasers alter their expectations so that completed sales transactions are actually up by 1% on the previous year.
Asking prices of houses in the UK fell by 1.7% in November – to a current average of £302,023 – say the property analysts, representing an overall decline of 0.2% over the past 12 months, revealing the biggest decline in seven years.
Although there are regional variations, of course, all parts of the country saw a decline in asking prices.
The most notable fall was in the south of England – especially in the more upmarket, wealthier suburbs and commuter belt around London – where asking prices have dropped by a significant average of 40% in the past year.
Whilst all regions suffered a decline in November, the annual movement in prices was much healthier. In Yorkshire and Humber, for example, asking prices fell by 2.4% in the month, yet managed to record an overall increase of 1.7% on the year. In Scotland, November saw a 1.3% fall, yet an annual increase of 2.3%. The 1.6% monthly fall in asking prices in Wales was offset by an increase in prices over the year of 4.4%.
Realism has replaced optimism as far as asking prices are concerned, says Property Wire, so that although vendors have adjusted their expectations on the value of their homes, the volume of sales has still managed to increase by an overall 1% across the country.