The average asking price for homes in the UK dropped 1.4% to £366,592 in November, exceeding the long-term decline of 0.8%, driven by political and economic uncertainty.
Tim Bannister of Rightmove noted, "There's been a lot for home-movers to process over the past few weeks, and the market seems to still be digesting it." This indicates a cautious sentiment in the market.
Despite the current slump in prices, Rightmove predicts a 4% rise in asking prices next year, boosted by expected demand from interest rate cuts.
Bannister expressed optimism regarding the market's future, stating that lower mortgage rates will enhance affordability and buyer confidence, but cautioned sellers to be realistic about pricing.
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