Despite a 2.1 per cent monthly drop, asking prices across the UK are 5.6 per cent higher than this time last year – and just below the 6.3 per cent growth recorded at the end of 2021.
Enquiries to UK estate agents were up by four per cent over the past two weeks compared to 2019, and the number of views of homes for sale on Rightmove is up 11 per cent on last year, suggesting that there is buyer demand but movers may be waiting for more certainty in the mortgage and economic markets.
The Bank of England’s Monetary Policy Committee is expected to vote to raise the base rate of interest again this week, with an announcement due on Thursday 15 December. The MPC voted for an increase of 0.75 per cent in November which took base rates to 3 per cent.
