House prices drop in November

19/11/2007

Rightmove have witnessed a 0.7 per cent drop within property prices.

The average asking prices fell to £239,986, with annual house price growth down to 7.9 per cent.

For 2008 predicament, there is zero growth expectations in property prices, and major downscaling in real terms.

Commercial director at Rightmove, Miles Shipside commented: "House prices are set to flatline in 2008. While we do not expect a price drop overall, there will be parts of the country that are over-priced and over-supplied for the likely levels of affordability and demand next year."

Data shows that homes are now on the market for the longest time since 2002. The average property is now on the market for 92 days.

Mr Shipside is advising sellers to drop prices now so it will give sellers a chance to sell their home, otherwise they could lose out more later.

“Seriously consider dropping your price and taking an offer now rather than holding out. You could end up being offered even less in a few months’ time."

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