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UK House Prices Fall In November


Average asking prices of a property in the U.K. declined in November in line with the usual pre-Christmas trend, a monthly survey by Rightmove revealed Monday.

Prices fell 2.4 percent on a month-on-month basis, following a 2.8 percent surge in October. However, compared with an average November fall over the last three years, this year's drop was slightly more muted.

"The excitement about Help-to-Buy's early launch failed to buck the seasonal trend of a fall in new sellers' average asking prices," Rightmove director Miles Shipside said.

"It takes a lot to throw people off course from marketing after rather than before Christmas, and in spite of the most positive selling environment since the start of the credit-crunch in 2007, it seems potential sellers will not scratch their seven-year home-moving itch early and will be waiting until at least 2014," Shipside noted.

Rightmove said that with increase in property demand and reduction in the number of property available in the market, there are indications that momentum is building for 2014. The online real estate firm expects 4 percent annual growth in prices next year, the highest seen since November 2007.

Rightmove traffic since September's Help to Buy announcement is up 30 percent compared to the same period in 2012.

Year-on-year, prices increased 4 percent in November following a 3.8 percent rise in October.

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