Rightmove House Price Index for November 2022 – broken down to demonstrate what is happening with average ASKING prices across the UK in a user friendly video, here.
Earlier on today RightMove rang in to say average asking prices decreased by -1.1% on last month to £366,777. Well if you are watching, I expect this seasonal cold front, mixed with the interest rate clouds that have moved in across the UK, to have an extra cost of living bite to it, as we progress through December and into the NewYear.
If we look in more detail regionally; Wales experienced heavy showers as it saw the biggest monthly drop in asking prices at -3% closely followed by Scotland at -2.2%.
Average house asking prices in November 2022 in London
London didn’t fare much better at -1.9% with London Boroughs Islington and Hammersmith and Chelsea seeing the worst of the weather as asking prices dropped -2.5% and -1.1%.
However Richmond and Merton still had sunny spells as asking prices increased 3% and 2.7%. Generally though sellers in the capital are finding sales slippery underfoot as buyers take the longest time to commit nationally, at 54 days.
Average house asking prices in November 2022 by UK Region
However over in the South West demand for fresh coastal air means sales are being agreed within 37 days, but the region isn’t immune to the change in weather, as prices reduced -1.8% on last month.
Further drops were recorded across the UK in the South and North East, West and East Midlands and Yorkshire and Humber, but some speckled sunshine still could be seen in the East Midlands as prices only dropped by -0.6%
Buyers and sellers are watching the weather for some financial reprieve or stability, hence demand being down 20% on last year but up 4% on 2019 levels. This creates a mixed picture across the UK, as some buyers brave the elements with added cash protection, in the pursuit of a discount. Whilst first time buyers are forced financially to take a step back. Demand in this sector dropped year-on-year by 26% in October.
And that concludes our November’s property Brickcast on RightMove, tune in for ONS in the next few days. Till then, remember, whatever the weather where you are, expect change.
To watch Brickcast’s rightmove House Price Index for November 2022, please click here.
