House prices in the UK have fallen from record highs, new data from Rightmove shows.
Property websites have found average asking prices down 0.5% from October’s £323,000 as sellers rush ahead of the stamp duty deadline.
The housing market has been booming since Rishi Sunak introduced a stamp duty holiday in the summer.
“Given the ongoing mini-boom, one might have expected prices to rise again this month,” said Tim Bannister, director of real estate data at Rightmove.
“But we are instead seeing a slight dip, as some new sellers are more likely to agree to sell in time to benefit from stamp duty savings on future purchases. This may be the result of more realistic pricing.”
The stamp duty holiday is due to end at the end of March. Rightmove said sellers need to price their homes more realistically to ensure they sell before the deadline ends.
Mr Bannister said: “Recent Right Move research shows that sellers are twice as likely to sell if they agree to sell based on the first price the property is put on the market for. It’s even more important now as we head towards the end of March and the end of the stamp duty holiday.
“If your initial asking price is too high, you’re less likely to get an offer, even after you lower your price to a more realistic level.”
