House price inflation slows in November

The real estate agent also found evidence that sellers are steadily becoming realistic on pricing – which means accepting ever larger discounts, with sellers accepting 5.5% or £18,000 off the asking price to agree.

Meanwhile, there was a 15% jump in new sales being agreed when compared to a year ago, and with this soft adjustment in pricing will continue to run into 2024.  

Additionally, the number of homes for sale has hit a six-year high, with this supply especially rebounding for three and four bed plus houses. 

There’s also a growing sense in the market that mortgage rates may have peaked and could fall later in 2024.  

Sales are holding up across many parts of Scotland and have picked up across inner London – where market activity has under-performed over recent years. Overall, the market is on track to hit one million sales at the end of 2023, but the pipeline of deals as we approach the end of the year is the lowest in four years.  

Zoopla executive director Richard Donnell said: “These are the best conditions for home buyers for some years with more homes to choose from and with sellers more prepared to negotiate on price to agree a sale.  

“There is a growing acceptance that what a home might have been worth a year ago is now largely academic given current market conditions. Sellers have plenty of room to negotiate with average house prices still £41,350 higher than the start of the pandemic. 

“It’s a positive sign that new sales continue to be agreed at a faster rate than a year ago and pre-pandemic. This indicates that house prices do not need to post bigger falls to get people moving but sellers need to be ready for more negotiation on price.

“New sales will slow as we run up to Christmas and some sellers will take homes off the market ready to relaunch in the new year.”