Rightmove Forecasts 2% Rise in 2013, in Spite of Largest Ever Monthly Fall

  Rightmove Forecasts 2% Rise in 2013, in Spite of Largest Ever Monthly Fall

  PR Newswire

  LONDON, December 17, 2012

LONDON, December 17, 2012 /PRNewswire/ --

Rightmove reports that average asking prices saw a fall of £7,772 (-3.3%) over
the past month to now stand at £228,989. While this is the largest monthly
decrease ever reported by Rightmove, it follows an established pattern of
December drops over the previous eight years.

Rightmove director Miles Shipside comments: "December is the most likely month
for sellers coming to market to get very real about the price they ask for
their home. This year they've gone a bit further than ever before, though in
truth it is symptomatic of the 'all or nothing' pattern of 2012. This summer
also saw big falls with the distractions of the Jubilee and the Olympics,
though prices did rebound in October. It seems that sellers who come to market
at times when they know that buyers' attention is focused on other events
realise that their prices have to be extra keen in order to compete."

Rightmove predicts a slightly more positive outlook for 2013 with average
asking prices expected to rise by 2%, though the market will remain patchy. A
key factor in 2012 has been the strength of the London market, where average
asking prices ended the year 6.8% (+£29,527) higher. Last month Rightmove
reported that some of the 'froth' had started to come off the London market ,
but in 2013 we predict that the effect of lower price growth in the capital
will be compensated for by stronger market conditions and price growth in
other southern regions. From a national perspective, whilst Rightmove's 2013
forecast is a little more upbeat on the 1.4% rise in new sellers' asking
prices seen in 2012, the balance of pricing power between London and other
regions will see a significant shift.

"There are several reasons for a slightly more optimistic market next year,"
comments Shipside. "There is a positive combination of lenders with greater
funds to lend and buyers with a five-year itch to move. Many movers have had
to put their housing aspirations on hold since the onset of the credit-crunch,
but increased competition among lenders and the slow but steady increase in
affordability of house prices may help some to finally move on."

For more information please visit http://www.rightmove.co.uk

Contact: Rightmove Press Office, +44(0)207-087-0700 / press@rightmove.co.uk
 
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