According to Rightmove, the expected slowdown in house price activity appears to have not slowed down with more properties coming to market and asking prices still rising.
The average house asking price in September rose 0.3% to £338,462. Clearly, there is a premium on estate agent asking prices to allow for negotiating an agreed sale price so average house values will likely £10-£15k below this.
As we come out of lockdown and covid-19 restrictions, more people are rethinking about their priorities for life as there are 14% more properties available for sale on the market today than there were in August.
There will clearly be a push for people to complete sales before Christmas and then we suggest a slowdown. In addition, with the removal of government support packages for Furlough and employer bounce loans. This will mean employers and employees will have to stand on their own two feet post covid. Many are going to struggle and we expect some redundancies over this period which will contribute to a property slowdown.