Property prices fell in November

THE average price of a house in the south west fell by 1.8 percent in November, new figures reveal.
Property firm Rightmove’s House Price Index for November showed the average cost of a house in the region was £386,357.
That compares to the national UK average, which also dropped – for only the second time this year – to £366,999, a fall of 1.1 percent.

According to the index, it takes an average of 37 days for sellers in the south west to find a buyer.
Elsewhere, Wales and Scotland saw the largest drop in prices (down 3 percent and 2.2 percent respectively), while every region saw a fall.

The north east is the most affordable part of the country in which to buy a house, according to the data, with an average asking price of £179,504 (down 1.6 percent).
“Even though we’ve seen a drop in the region this month, the average price of a home is still 9.1% higher than during the same period in 2021,” a Rightmove spokesperson said.
The east of England saw the smallest drop in prices, down just 0.1 percent, to an average of £424,884.
The West Midlands is the area where properties are selling fastest, with sellers waiting just 36 days to find a buyer, at an average price of £284,908, down 1.4 percent.
“Asking prices have risen 9.6% annually, but are still well below the national average,” the spokesperson added.
The south east remains the second most expensive region in England, behind London, with an average price of £485,847, though that fell by 1.8 percent compared with the previous month, according to the report.
London itself saw average house prices fall by 1.9 percent, to £682,422.

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