New data from Rightmove has found that the average house price on the market is £2,000 lower this month.
The cost of an average home is 0.6% lower than in October and now stands at £342,401. This is the largest monthly decline since January, which was 0.9%.
“New sellers have given buyers an early Christmas present by dropping their average asking prices by 0.6%” said Tim Bannister, director of property data at Rightmove.
“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.
“As soon as Christmas Day is out of the way, there’s a boom in people searching for property on Boxing Day, perhaps with time available during the holiday season and a resolve to enjoy their next Christmas in new surroundings.
“That is likely to push prices higher again, and increase the competition from other buyers.”
December is traditionally the quietest month in the housing market.
“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,” explains managing director at Thomas Morris Sales & Lettings, Simon Bradbury.
“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,” he added.