Average asking price for home in UK drops by £7,000 in December

Prices usually decrease at this time of year but fall is greater than 20-year average owing to high mortgage rates, says Rightmove

The average asking price for a UK home has dropped by almost 7,000 this month as sellers became more competitive as they fought to find a buyer for their properties.

With prices expected to fall further in 2024, the property portal Rightmove has reported that the average new seller asking price fell by 1.9% month-on-month to 355,177. That is a drop of 6,966 compared with November.