The average cost of a home in Great Britain has fallen for the second time this year.
House Prices reduced by an average of 1.1% (£4,159) In November, to £366,999. The slight drop is in line with the trend we usually see at the time of year and the few years before the pandemic. One of the reasons we often see a decrease in house prices now is because sellers will be pricing more competitively at this time of year, to increase their chances of finding a buyer before the New Year.
However, even with the dip in prices, the average house price is still 7% higher than last year. The reason for the strong price growth is that the number of houses in demand outweighs the number of homes for sale. As home – movers were faced with fewer choices and chased too few properties for sale. Prices were pushed to an all-time high.
This is exciting news for home- hunters as we are seeing more properties being listed for sale. The growth of new sellers putting their homes on the market was up 13% this month, compared to a year ago. And the stamp duty savings put in place in September are set to stay until March 2025, this is great news.
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