Prices of U.K. homes fell the sharpest since the height of COVID-19 lockdowns in January, data from Rightmove showed.
The property website said that house prices in the U.K. dropped 0.6 percent in November from the previous month, bringing the average asking price to 342,401 pounds ($458,000).
The drop in prices was largely due to a “pre-Christmas lull”, according to Rightmove, where sellers aim to attract buyers looking for a holiday bargain, especially since December is the slowest month for the housing market.
“We expect this downward price trend to be relatively short-lived, though sellers who are in a hurry will continue to need to attract buyers for most of December as well,” said Tim Bannister, Rightmove’s Director of Property Data.
The expected increase in people looking for property after Christmas will push prices back up, said Bannister, and is “likely to push prices higher again, and increase the competition from other buyers.”
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