UK house prices dip as sellers seek deals before tax break ends: Rightmove
[LONDON] British real estate website Rightmove said asking prices for residential property fell in December and early January ahead of the expiry of a tax cut for buyers, but the country's booming housing market remained busy.
Prices for houses and apartments advertised between Dec 6 and Jan 9 were down by 0.9 per cent from the previous month, slowing the annual pace of growth to 3.3 per cent from 6.6 per cent a month earlier, Rightmove said.
But the number of buyers contacting agents was up by 12 per cent and the sales agreed were up by 9 per cent in January so far compared with the same period a year earlier, when the market was also strong after Prime Minister Boris Johnson's December 2019 election victory.
The buyers' tax break is due to expire on March 31 and Rightmove said the fall in asking prices probably reflected sellers trying to find buyers before then, even if time was now probably too tight to complete deals in time.
Britain's housing market defied the wider economic slump in 2020 and recovered strongly when the first lockdown was lifted, propelled by the tax cut and demand from buyers seeking bigger properties after being stuck in their homes for weeks.
Other measures of Britain's housing market have suggested the boom has started to fade.
A NEWSLETTER FOR YOU
Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
The Royal Institution of Chartered Surveyors said last week its gauge of new buyer enquiries fell in December to a seven-month low.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Airbnb promises to combat sex work in rentals during Paris Olympics
Hong Kong property deals hit three-year high in April
More homes planned in Media Circle to support housing demand
Qatari Sheikh sells London mansion to fellow royal for £39 million
Toronto home sales fall for third month in April; prices rise
Far East Shopping Centre owners in private talks after close of S$928 million en bloc tender