The upcoming holiday season has triggered a slide in the British real estate market as housing prices have posted considerable losses in November. However, early 2016 is most likely to see a fresh rise in real estate property value due to the continuing growth in real wages as well as persistently low borrowing costs.
As reported by the Rightmove website, asking prices for properties dropped by 1.3%. Analysts refer to this phenomenon as “the traditional autumn house price lull.” As a rule, housing sellers bring down their prices as Christmas is coming closer. However, this dip is expected to be short-lived as prices will start bouncing back next year.
According to the research results provided by the UK’s number one property website, most real estate owners have no doubt that their financial situation will remain stable. The average price asked by sellers for housing in London edged down by 1.6%, yet still remains 8% higher than in the previous year.
