Housing market asking prices fell by 1.6% in the four weeks leading up to 7 November, in figures released by Rightmove, the UK’s biggest property website. The company said that it expects to see three months of asking price falls before a shaky recovery begins early in the spring. It reports that the usual seasonal shrinkage of the housing market is exaggerated because of a shortage of properties for sale – 89,000 houses were put on the market during the four weeks to 7 November, 30% lower than levels recorded at the same time two years ago. There is still reason for optimism in the housing market, however, as Rightmove said that annual house price inflation is at its highest since May 2008, standing at 1.6%.
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