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Asking prices ‘holding remarkably steady’ ‒ Home

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  • 12/12/2019
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Asking prices ‘holding remarkably steady’ ‒ Home
The average asking price for a property in England and Wales has fallen just 0.3 per cent over the last 12 months, the last asking price index from Home.co.uk has revealed.

 

The firm pointed out that while prices had dropped 0.8 per cent since November ‒ which it described as a “seasonal drop” ‒ asking prices overall were “holding remarkably steady” despite the current state of political turmoil.

Home suggested this was down to the shortage of supply countering the more hesitant approach adopted by buyers.

The firm added: “What’s more, with talk of a possible rate cut by the Bank of England early next year, given any potential election outcome, vendors (and buyers) are content to play wait and see.”

Looking at the regional breakdown, both Yorkshire & The Humber and Wales have seen the strongest asking price growth at 2.4 per cent.

At the other end of the scale, the East of England has had the toughest 12 months, with prices dropping an average of 2.8 per cent.

All regions have seen a fall in supply, at an average of 16 per cent, though this situation is at its sharpest in Greater London where listings have dropped by 26 per cent.

Meanwhile, the Midlands is the fastest place to sell a property, with an average time on the market of 161 days for East Midlands and 162 for the West Midlands.

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