Seasonal Lull as Housing Market Prepares for Christmas - Rightmove House Price Index November 2009

LONDON, November 16 - The Rightmove House Price Index
(www.rightmove.co.uk/news/house-price-index) for November 2009 has now
been released. The survey measures new properties for sale (
www.rightmove.co.uk/property-for-sale.html) in the last month covering
90% of the market.

Average national asking prices fell by GBP3,744 this month as
the traditional autumn buoyancy tailed off. The 1.6% decrease compares with
falls of 2.9% in November last year and 0.7% in November 2007. The onset of
the winter market brings what we predict will be the first of three monthly
falls before house prices (www.rightmove.co.uk/house-prices.html)
resume their recovery in February of next year. Miles Shipside, commercial
director of Rightmove comments: "In all but the most buoyant of markets, home
moving comes second to Christmas festivities. While the market has recovered
from some dreadful lows, this month's price fall proves that it does not yet
have the strength to buck seasonal trends. We therefore expect three months
of asking price falls before a tentative recovery in early spring, likely
followed by pre-election jitters."

The extent of the market recovery from the dramatic price
falls seen last year is shown by year-on-year price rises in seven out of ten
regions, resulting in an average national rise of 1.6% compared to November
2008. A majority of the country now has average asking prices that are above
those of twelve months ago. Only the East Midlands, the North and the
North-West remain in negative year-on-year territory. The East Midlands is
the worst performer with prices 1.6% below those of November 2008, with the
North down 0.6% and the North-West just short of breakeven at minus 0.1%. The
southern regions show the largest increases, with the South-East leading the
way with an average rise of 3.8% driven by the lowest average stock levels
per estate agency branch. At the other end of the scale, the three regions
still in negative year-on-year price territory have the highest stock numbers
per estate agency branch.

Shipside adds: "The shortage of stock is worse in the south
than it is in the north, leading to greater upwards pressure on prices due to
higher numbers of willing and able buyers who have fewer properties to choose
from. Recoveries tend to start in the south, and with mortgage lenders
favouring buyers with larger deposits and greater job security, it is no
surprise that the trend has been repeated this time round. With parts of the
north of the country also clawing their way back to a year-on-year price
standstill, we recorded an average annual national rise of GBP3,461. That
would have looked pretty far-fetched a year ago."

For further statistics and to download the Rightmove November 2009 House
Price Index please visit - www.rightmove.co.uk/news/house-price-index
or search for local house prices at
www.rightmove.co.uk/house-prices.html.

Contact: Tom McGuigan - Rightmove Press Office, press@rightmove.co.uk,
+44(0)207-087-0700

Contact: Tom McGuigan - Rightmove Press Office, press at rightmove.co.uk, +44(0)207-087-0700.