Rightmove has, according to the Guardian, just announced the sort of news George Osborne will not want to hear. A report says:
The average asking price of a home in London has tumbled by more than £30,000 over the past month, figures from property website Rightmove showed on Monday, with new sellers in all of the capital’s boroughs seemingly becoming less optimistic about the price they can achieve.
Across the country, Rightmove reported the largest ever monthly fall in the price of properties coming to market, a 3.3% or nearly £9,000 decline to £258,424.
No wonder George Osborne revamped stamp duty last month in a desperate attempt to boost house prices. He knows that the British 'feel good factor' is, bizarrely, linked to this issue and right now it looks like that may be fading away.
He created that boom with mortgage assistance schemes at cost to the state and other wholly artificial stimuli, of which the stamp duty reforms are just the latest. But it looks like across the country that prices are moving against him. Nothing can reduce his chances of being in No. 11 in late May next year more than that. He won't be happy, but those who want to buy houses might be.