Home sellers in the UK cut their asking prices last month amid a “challenging” property market for next year, according to Rightmove plc.
According to the company, average asking prices in England and Wales have decreased by 2.7 percent from November to £225,766 (S$457,400).
UK housing demand remains under pressure, as the European debt crisis threatens the world economy with recession. Eight of 10 regions in England and Wales tracked by Rightmove recorded declines last month, led by a 6.2 percent drop in the Southeast, while the North rose 0.9 percent.
Meanwhile, prices of homes in London, particularly in Croydon and Brent, declined 4.6 percent and dropped 3.9 percent in Islington. Hounslow’s 4.5 percent jump was the biggest in London. Average home prices in the capital rose 6.4 percent on the year, the most for any region in the UK.
Rightmove said the annual price gain in England and Wales gave “’perhaps a surprising performance given the challenging market, though 2012 will be similarly challenging”, as fewer home sales may stave off a price collapse.
Related Stories:
Phuket’s priciest property goes on sale
Govt curbs ease housing inflation in Beijing