Following a long period of high prices coupled with tightened mortgage lending rules, house asking prices are declining as sellers seek winter buyers according to Rightmove, reports the Guardian
November house prices fell 1.7 per cent compared to October, based on asking price data from the property selling portal.
House prices do tend to fall in the run up to the festive season as the market cools. Month-on-month the average house price fell by £4,542 to £267,127.
Despite the drop, however, year-on-year figures for November showed an 8.5 per cent increase.
The article cites Rightmove’s Miles Shipside as saying: “Selling is more difficult than it was earlier in the year, though the mini-boom experienced by much of the country has hit the pause rather than the stop button.”
Shipside also said that despite high demand, rising prices and difficulties in getting funding have “muted” the market.
Protecting Vacant Properties over Winter
So at a time of year when houses are more challenging to sell and the market seems to have cooled, it is vitally important to ensure that those properties that end up unoccupied pending sale have adequate insurance, especially over the winter months. Click4Quote.com’s specialist unoccupied property insurance provides cover for vacant houses that are left empty for extended lengths of time. So if you have an unoccupied property pending sale, why not get a quote online today?