Although the average asking price from new sellers declined by 1.7% compared to the previous month, it's only a 3% drop from the peak in May this year. Additionally, property transaction volumes are 10% lower compared to the same period in 2019 but have improved from the previous month's 15% decrease compared to 2019.
The report also notes that the transaction rate for small properties (such as studios, one-bedroom, and two-bedroom units) is better than the overall market average, being only 7% lower than the same period in 2019. New listing prices for properties in Wales, Scotland, and the North of England continue to rise.
Furthermore, the base interest rate of the Bank of England remains unchanged, which is advantageous for prospective buyers requiring mortgages.
Professionals suggest that sellers offering discounts on properties at the end of the year can attract genuinely interested buyers. It is also advisable to set reasonable prices initially to help sellers stand out competitively, rather than starting with a higher price and later reducing it.
In terms of policies, the "Autumn Budget" promises an increase in housing subsidies, allowing around 1.6 million households to receive an average subsidy of £800 next year.
The report provides a breakdown of property price performance across regions in the UK for November. Despite the monthly declines due to the aforementioned factors, house prices in Northeast England, Wales, and Northwest England still show year-on-year increases, especially in Northwest England, including Manchester, with a growth rate of 2.5%, leading other regions.
Additionally, the report mentions changes in house prices across London boroughs. Richmond upon Thames continues to lead, with a 2.9% year-on-year increase and a monthly increase of 1.7%. Hammersmith and Fulham rank second, with a 2.7% year-on-year increase.
Lambeth, located on the south bank of the Thames in London, is an artsy area that attracts many investors. Barnet is considered a desirable residential area with a well-developed economic system and infrastructure, attracting a significant number of Chinese buyers.
