Rightmove: Asking prices down for second month in a row

| August 15, 2011 | 0 Comments

Property website, Rightmove, has today reported a drop in asking prices for the month of August – the second consecutive monthly fall.

According to Rightmove, asking prices for residential property in England and Wales fell by 2.1% this month after a 1.6% decline in July.

The property website, which claims to advertise 90% of the properties on the market, said the latest asking price fall takes the average price of a home listed on Rightmove to £231,543 – 14% higher than the average £203,528 selling price.

On an annual basis, meanwhile, asking prices are now 0.3% lower than this time last year.

According to the Halifax, the average cost of a home stands at £163,981 – suggesting that vendors and their estate agents could be overpricing properties by more than 40%.

Miles Shipside, director of Rightmove, comments: “We’re in a ‘limbo-land’, where a restricted number of motivated sellers are trying to match themselves up with the similarly restricted number of financially capable buyers.”

In the meantime, the number of houses on estate agents’ books rose further to an average of 79 - this is primarily due to buyers’ uncertainty surrounding the economy and the ongoing lack of mortgage availability.

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