Rightmove: Asking prices down for first time this year

| July 18, 2011 | 0 Comments

Property website, Rightmove, has today reported a drop in asking prices for the month of July – the first fall this year.

According to Rightmove, asking prices for residential property in England and Wales fell by 1.6% in July.

The property website, which claims to advertise 90% of the properties on the market, said the latest asking price rise takes the average price of a home listed on Rightmove to £236,597.

However, the average UK selling price, as reported by the Department for Communities and Local Government (DCLG), stands at £203,528.

The figures suggest estate agents or vendors continue to be unrealistic with prices over-valued by 16%.

Meanwhile, the depressed housing market means that 70% of homes put up for sale this year remain unsold, according to the website.

This is primarily due to buyers’ uncertainty surrounding the economy and the ongoing lack of mortgage availability.

Miles Shipside, director of Rightmove, comments: “With seven out of ten properties marketed so far this year still on the market, sellers in the second half of 2011 need to do something different to promote their property and increase their chances of catching those elusive buyers”.

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