People are distracted with the festive period and lower house prices in the pre-Christmas lull offer buyers many property bargains.
Sellers struggling to move have reduced asking house prices by an average -0.6% or -£2,044 or value of £342,401 giving buyers the chance of a bargain, says Rightmove.
As people are distracted by the pre-Christmas festive period there is a lull in demand before the Boxing Day boom with a 54% increase in visits from buyers last year compared to 2019.
Momentum from home movers and first time buyers is building as the number of valuations from estate agents through Rightmove have increased 14% in October compared to a year ago.
December is a good month for buyers
House prices softened in the pre-Christmas period despite the booming property market and shortage of homes for sale as homeowners with a need to sell must offer a discount.
The biggest decrease in values by region is Wales with asking prices reducing by -2.4% for the month or -£5,571 followed by East Midlands down -2.2% or -£5,748.
For people intending to spend their next Christmas in a new home for 2022, Boxing Day is a good time to put their property on the market creating a sudden boom in supply and higher prices from demand.
This table from Rightmove shows the biggest falls in UK regions and the average asking prices to November 2021.
| Region | Asking price | Monthly change |
|---|---|---|
| Wales | £232,166 | -2.4% |
| East Midlands | £261,311 | -2.2% |
| North East | £164,563 | -2.0% |
| Scotland | £171,954 | -1.7% |
| West Midlands | £259,940 | -1.2% |
| Yorks & Humber | £219,222 | -0.9% |
| South East | £455,563 | -0.6% |
| North West | £231,480 | -0.5% |
| London | £647,817 | -0.4% |
| South West | £359,356 | -0.2% |
| East of England | £398,116 | 0.5% |
In the North East asking prices are lower by -2.2% or £3,291 for the month compared to the South East reducing by -0.6% or £2,733 or London by -0.4% or £2,591.
See what your monthly mortgage payments could be when you move to your next home in 2022 at this link:
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The biggest fall in asking prices in terms of buyer type is for the top of the ladder reducing -1.0% or -£6,308 with an average asking price of £624,597.
For second steppers prices are lower by -0.4% or -£1,261 and first time buyer asking prices have increased by 0.3% or £690 for the month.
Not every region is seeing a fall in asking prices for the month with the East of England rising by 0.5% or £1,980 higher.
Boroughs with higher asking prices
Of the 32 boroughs in London 14 have increased over the month and a number are higher with Westminster rising 5.4% or £68,714 having an average asking price of £1,443,014.
Kingston upon Thames is higher by 2.6% or £16,957 and Lambeth up 2.6% or £17,091 followed by Kensington and Chelsea 2.0% or £31,078 higher for the month.
For remortgage buyers with rising house prices, you can increase your mortgage with an advance and invest in home improvements such as a new kitchen or extension.
Over the year only 8 London boroughs have seen asking prices decrease and the largest percentage rise is Bromley up 6.5% or £36,364 and Merton up 5.8% or £37,616 annually.
Other borough asking prices are also higher with Barking and Dagenham up by 5.4% or £17,936 over the year and Bexley up 5.1% or £22,041 higher.
Higher asking prices in these boroughs offer equity release buyers the chance to drawdown cash over time to maintain their lifestyle or pay university fees for grandchildren.
What are your next steps?
Speak to our LCM mortgage advisers if you are moving home and want the best mortgage deal. Learn more by using the property value tracker chart and equity release calculator.
Start your free home mover quote and we can find the most competitive mortgages and lowest rates for your property at this link:
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If you are releasing equity from your home to repay an interest only mortgage or gift to a family member, we can recommend lifetime mortgages so begin your equity release quote for the latest provider offers.
