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Seasonal Lull as Housing Market Prepares for Christmas - Rightmove House Price Index November 2009

The Rightmove House Price Index for November 2009 has now been released. The survey measures new properties for sale in the last month covering 90% of the market. Average national asking prices fell by GBP3,744 this month as the traditional autumn buoyancy tailed off. The 1.6% decrease compares with falls of 2.9% in November last year and 0.7% in November 2007. The onset of the winter market brings what we predict will be the first of three monthly falls before house prices resume their recovery in February of next year.

Miles Shipside, commercial director of Rightmove comments: "In all but the most buoyant of markets, home moving comes second to Christmas festivities. While the market has recovered from some dreadful lows, this month's price fall proves that it does not yet have the strength to buck seasonal trends. We therefore expect three months of asking price falls before a tentative recovery in early spring, likely followed by pre-election jitters."

The extent of the market recovery from the dramatic price falls seen last year is shown by year-on-year price rises in seven out of ten regions, resulting in an average national rise of 1.6% compared to November 2008. A majority of the country now has average asking prices that are above those of twelve months ago. Only the East Midlands, the North and the North-West remain in negative year-on-year territory. The East Midlands is the worst performer with prices 1.6% below those of November 2008, with the North down 0.6% and the North-West just short of breakeven at minus 0.1%. The southern regions show the largest increases, with the South-East leading the way with an average rise of 3.8% driven by the lowest average stock levels per estate agency branch. At the other end of the scale, the three regions still in negative year-on-year price territory have the highest stock numbers per estate agency branch.

Datum: 16 November 2009
Bron: Press release Rightmove

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