Proactive Investors - Prices of houses put up for sale on its website fell by over £5,000 in November, according to online estate agent Rightmove PLC (LSE:LON:RMV).
A typical family house costs £366,592 down by £5,366 or 1.4% month-on-month.
Late autumn and early winter normally see weaker prices, said the website, but this is the second month in a row that the movement has been larger than usual, Rightmove said.
In October prices increased by 0.3% compared to 1.3% typically for the month on average.
Rightmove expects prices to rise by 4% next year but cautioned this depends on where mortgages go, especially with many lenders raising their rates over the past fortnight.
Tim Bannister Rightmove’s director of property science said: “The big picture of market activity remains positive when compared to the quieter market at this time last year.
“This sets us up for what we predict will be a stronger 2025 in both prices and number of homes sold, particularly if mortgage rates fall by enough to significantly improve affordability for more of the mass market.”
Enquiries slowed ahead of the Budget but picked up again after the recent Bank of England base rate cut, he said.
“The speed at which mortgage rates come down next year will be key in determining activity levels for some of the market’s traditionally busiest periods, and sellers will still need to price temptingly enough to secure a buyer while the choice of homes for sale remains as high as it is right now.”