New research from Rightmove suggests that the average asking price of a new residential property coming to market fell by 2.6 per cent month-on-month in November.
However, forecasts from the same organisation suggest that property prices will begin to climb steadily as we head into the New Year.
Rightmove’s data suggests that, in November, the average newly-listed property was advertised at approximately £8,178 lower than in October, suggesting that asking prices are beginning to fall in the run-up to Christmas.
However, its forecasts for 2018 suggest that this slump will be short-lived – with price growth in the lower and middle sectors of the market expected to pick-up from January onwards.
Following landmark changes to Stamp Duty Land Tax (SDLT) unveiled as part of November’s Autumn Budget announcements, Rightmove estimates that the average value of first-time buyer properties at the ‘lower’ end of the market will grow by three per cent in 2018.
The online property portal adds that so-called ‘second-stepper’ properties will also welcome house price growth in the New Year. It forecasts that the values of such homes will rise by an average of two per cent over the next 12 months.
However, Rightmove has also predicted that average values in Central London and at the very top end of the market will continue to fall.
Miles Shipside, Director and Housing Market Analyst at Rightmove, said: “We estimate that 2018 will continue this year’s trend by being a real mixed bag of different price pressures, both up and down.”