THE PRICE of a new home on the market in November fell by over £6,000, the largest drop during the month in five years, as sellers look to slash the prices of their house in order to secure a sale.
According to the latest report from property portal
A fall in house prices is expected around the Christmas period, however, this month's larger than expected drop means sellers are cutting their prices further to up their chances of a sale amid a period of volatility for the
Consistent rate rises from the
However, the central bank's decision to keep interest rates at a record 15 year high of 5.25 per cent, after months of hikes, has provided some relief for the sector.
(c) 2023 City A.M., source