As it draws closer to Christmas the Rightmove house price index shows us how property sales are starting to slow down. Due to this, both new and existing sellers have decreased their house prices to try and entice buyers before the festive period.
According to Rightmove, over a third of properties on the market throughout the UK have already had their prices reduced since first being listed.
With sellers reducing the price of their properties, this is a great opportunity for buyers to negotiate themselves a good deal before Christmas, with sellers obviously being keen to seal the deal before the New Year. However, with recent rises in interest rates, there is now more stretched buyer affordability and sellers should be wary of overpricing their property.
Looking at the North East specifically there has been a 5% monthly decrease in house prices and a 0.4% decrease annually. This backs up the fact that sellers are now doing one last push to get their properties sold before Christmas by dropping their house prices.