Asking prices dip but no cause for panic, says Rightmove

Asking prices dip but no cause for panic, says Rightmove

The asking price of properties newly launched on the market has dipped by 1.1 per cent in the past month says Rightmove - but this is less than the average 1.8 per cent drop usually seen at this time of year.

"This is the smallest drop in average November asking prices since we saw the same figure - down 1.1 per cent - in November 2011. Furthermore the average time to sell of 65 days is one day quicker than at this time last year," says Rightmove director and market analyst Miles Shipside.

However, the asking price of the typical first time buyer home - a one or two bed apartment - has risen 1.7 per cent in the past month, exacerbating affordability for this sector of the market.

Meanwhile separate research by the portal shows that the two groups most pessimistic about their housing circumstances are firstly those still living with their parents, and secondly those aged 21 to 24 - both groups, of course, are likely to be dominated by would-be first time buyers.

Shipside says Chancellor Phillip Hammond has a chance to help younger would-be purchasers in next week's Autumn Statement.

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