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Balanced housing market forecast

An improved and more balanced housing market will emerge in 2013, despite sellers slashing their asking prices this month in the biggest fall seen for more than a decade, property search website Rightmove said today.

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House prices slump in December

  • Sellers have dropped their prices by 3.3% or £7,772 month-on-month, to reach £228,989 on average in December, Rightmove said
  • However big asking price falls are expected at this time of year as people selling over Christmas often have a pressing reason to do so
  • Prices are still 1.4% higher than they were a year ago, despite the recent big dip
  • The East Midlands was the only region across England and Wales to see a month-on-month price increase in December, with a 0.8% rise taking typical prices to £158,480
  • The South West saw the biggest monthly fall, with prices nose-diving by 5.3% to reach £240,438 on average

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