At the end of the year, sellers lowered prices to attract British property buyers, and the housing market performed better than expected

• Although housing prices fell significantly in November, they were only 3% lower than the peak in May this year.#{ 14}

• Housing prices have fallen from unsustainable highs during the epidemic. The number of new listings currently on the market every month is stable, and the epidemic-driven housing shortage appears to have improved . , the current number of homes for sale is only 1% lower than the same period in 2019, and the market is moving in a healthier direction.

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In November, the average listing price in the UK was £362,143 per unit (approximately 3.24 million yuan).

Rightmove mentioned that house prices usually fall at this time of year as sellers offer more competitive prices to attract buyers before Christmas.

However, the decline in November this year is obvious, but it also shows that new sellers are starting to get serious and use more realistic prices to attract potential buyers to take action.

The above are average figures for the UK as a whole, however, in the current price-sensitive market, some areas and property types perform better than others.#{31 }

For example: Sales of smaller properties (studio, one-bedroom and two-bedroom properties) were only 7% lower than 2019 levels, while sales of larger properties (four-bedroom and all five-bedroom and of the above properties), the sales volume achieved lagged 14% behind 2019.

House prices have fallen in the Midlands and South of England, but new listings in Wales and the North have seen an increase in prices.# {35}

It can be seen that changes in market conditions will affect the local real estate market in different ways. Before making further market decisions, the actual local conditions should be comprehensively considered.

Compared with people's expectations at the beginning of the year, the housing market has shown more positive aspects this year.

The Bank of England has kept its benchmark interest rate unchanged for two consecutive times, and more stable interest rates are bringing some assurance and confidence to buyers.

In terms of different types of real estate, the prices of properties for first-time home buyers (2 bedrooms and below), second-home properties, and "high-end properties" at the top of the property ladder all fell to varying degrees this month. .

The annual decline in properties targeted at first-time homebuyers was smaller, only 0.2%.#{ 45}

House prices in some London boroughs remain strong. The top three annual increases are: Richmond (+2.9%), Hammersmith and Fulham (+2.7%), and Wandsworth (+2.4%).

From a rental perspective, according to the October rental market report released by the British real estate website Homelet, the average annual rent in the UK increased by 9.6%, with the rent reaching 1,283 pounds (approximately 11,400 yuan).# {49}

In London, where housing supply is even tighter, the average annual rent has increased by 10.2%, reaching 2,192 pounds (approximately 19,600 yuan).

The annual rent growth in London's 21 major areas have maintained an upward trend, and nearly half (10) of them have achieved dou ble-digit growth. The areas with higher growth rates are Barking and Dagenham in East London. and Havering, with annual rent growth reaching 18.4%.

Barking, Dagenham and Havering are all located on the north bank of the Thames in east London. Although rents are currently low, with the implementation of multiple large-scale development projects (such as Barking Riverside, etc.), their rents have increased several times. Topping the list, house prices have also increased significantly .

Real estate website Zoopla predicts that annual rent growth will continue to remain above 9% for the remainder of this year.

According to the British Office for National Statistics, as the prices of natural gas, electricity and other energy fell, the British inflation rate dropped sharply from 6.7% to 4.6% in October, setting a record decline since 1992.

At the same time, the Bank of England's decision to suspend interest rate increases also boosted market stability and buyer confidence.

Landbay's survey pointed out that despite high interest rates, the vast majority of landlords still plan to continue to hold properties.

According to the survey, 66% of buy-to-let homeowners do not plan to sell their property in the next 12 months, and 36% of them plan to continue purchasing a property. Only 34% of landlords are considering selling, but 90% of these landlords say they only plan to sell part of the property, not all of it.

Rob Stanton, director of business development at Landbay, pointed out: "2/3 of Landlords have no intention of selling their properties, and the remaining 1/3 of owners who are considering selling are not selling all their properties, they still intend to stay in the market.

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Some landlords who see the opportunity are seizing it, while others are rethinking their investment strategies.”