According to an online survey by RightMove, the combination of Bank of England interest rate rises and the Christmas season have affected house prices and slowed demand.
Whilst most pundits have denied the interest rate rise did slow down house price inflation, the survey disagreed, siting it as one of the factors. Apparently, the asking prices for houses in general fell last month and are not expected to move upwards until well into next year.
Our View
House prices are still high and people are still buying, both in the UK and abroad. This means that certain properties are in short supply and are still selling at the asking prices. However, demand for properties in general tends to dip over the Christmas period because people have other festivities on their minds. The thought of moving house in the snow and ice is a dismal thought for most of us.
However, there are always bargains to be had around this time of the year because some people are desperate to sell. This could be where you have more chance of having your lower offer accepted, in return for a quick sale at the wrong time of year!