The average asking price of property coming to market has dropped by an average of 0.6% in November so far compared to last month, the largest monthly fall since January, according to Rightmove.
With this slight softening of prices expected to last until Christmas, many estate agents believe it offers a small window of opportunity for bargain hunters before the traditional Boxing Day buyer resurgence.
Property industry reaction:
Simon Bradbury, managing director at Thomas Morris Sales & Lettings, commented: “With the holiday season coming up fast, sellers planning to enter the market might be tempted to put off beginning the process of putting their home on the market until the New Year. However, Boxing Day is historically the start of a busy period of both new sellers coming to market, and a resurgence of prospective buyers browsing properties. So, if they wait until January to begin the selling process, they may have missed out on a valuable period of time to attract buyers.
“Sellers would be wise to use this window of opportunity to begin the process of getting their home on the market now, by getting their property valued and speaking to an agent about marketing activity. This in turn puts them at the front of the queue, and in a more powerful position to proceed when looking to secure their next home.”
Richard Palfreeman, managing director at Northfields Estate Agency, said: “It is always pleasantly surprising to see how busy we get with serious buyers and investors looking to buy just before Christmas. People looking to move to a new home often get caught up with Christmas festivities and pause their search to the New Year, leaving those who are still looking before Christmas able to purchase with less competition. We often find in November and December that there are vendors who are motivated to secure a sale, and there are some great bargains to be had for buyers.”