UK house prices fall again in December - Rightmove
By Michele Maatouk
Date: Monday 16 Dec 2024
(Sharecast News) - New seller asking prices fell again in December as the market slowed down in the run-up to Christmas, but activity remained strong compared to last year, according to data released by Rightmove on Monday.
Prices declined by 1.7% on the month in December following a 1.4% drop the month before.
On the year, prices rose 1.4% following 1.2% growth in November.
The average price of a home was £360,197 this month, versus £366,592 a month earlier.
Rightmove said that despite "the festive lull", activity remains "substantially" stronger than the same period a year ago, with the number of sales being agreed up 22% and new buyer demand up 13%.
"This momentum is a good sign for another Boxing Day activity bounce," it said.
Tim Bannister, Rightmove director of property science, said: "New sellers in December have to work particularly hard to capture the attention of Xmas-party and festivity-distracted buyers, and the 1.7% average monthly fall is a fitting gift for those who are still buying homes rather than presents. Despite this monthly drop, prices have risen by 1.4% compared with this time in 2023, broadly in line with our prediction of a 1% rise in prices this year.
"We are now looking ahead to the traditional Rightmove Boxing Day bounce in home-mover activity, which has increasingly become a key date in the housing market calendar. Each year, our real-time data can pinpoint the exact moment that the turkey is finished, family games run out of steam, mobile devices are picked up, and prospective movers flood onto Rightmove and get their 2025 move started.
"If this year is anything like recent years, those early birds who get their search started the day after the festivities are over are likely to be rewarded with plenty of fresh property choice to consider."
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