House prices have fallen for the first time this year as demand for bigger houses shrinks.
House prices have fallen for the first time this year, according to property website Rightmove.That was prompted by the ending of the stamp duty holiday and a subsequent fall in demand for bigger homes.
However, properties aimed at first-time buyers and second-steppers are still seeing high demand, leading to new record high average prices in those sectors, he added. "A reversal was hardly unexpected after the government started to taper the stamp duty holiday at the end of June," said north London estate agent Jeremy Leaf.
He said there were noticeably fewer properties coming to market which inevitably creates competitive market conditions."Buyer demand remains strong, especially in the more affordable areas outside of London where space is generous for incoming buyers who are partly working from home and have the flexibility of travelling," added Tomer Aboody, director of property lender MT Finance.
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