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Asking prices drop but the housing market in 2023 has performed better than expected

  • 📰 The Yorkshire Post
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New seller asking prices in the UK have dropped by an average1.7 per cent this month, though Yorkshire sellers dropped their prices by an average 2.3 per cent, according to Rightmove. Asking prices usually drop at this time of year, as serious sellers price more competitively to attract buyers in the lead-up to Christmas.

However, this year’s November drop is the largest in five years, indicating that new sellers are also increasingly adopting more realistic price expectations from the outset of marketing to tempt potential buyers to act. As we approach the end of 2023, key indicators point to a market that while challenging, has been more positive than many predicted.

Meanwhile, there are yearly price declines in the Midlands and all Southern regions, however the more affordable areas of Wales, Scotland and the North of England have seen asking price rises, as the changed market conditions affect local housing markets in different ways. “Last week, the Bank of England opted to hold the Base Rate for the second consecutive time, which has supported buyer demand and helped to keep it in line with 2019’s level.

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