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House prices down again

For the third straight month in a row house prices have dropped in the UK. The house supply continues to outstrip demand.

Rightmove reports the average asking price is now just under 229,800 pounds a fall of 1.1% over last month. Rightmove commercial director Miles Shipside said “the rise in supply was unmatched by demand, with few buyers able to push through purchases and that this had pushed down a greater increase in asking prices”.

House prices down again

Uk House prices down third month running

Though taking a look at figures last year show house prices were still up on the year at 2.6% in September.

It appears new sellers are dropping their asking price to get the sale. in addition Rightmove report the lowest weekly run-rate of fresh sellers since April.

Rightmove also spoke of “Sellers’ attempts to hold onto price gains made earlier in the year have suffered from a relentless stream of fresh property coming to market, so a small break in the level of new competition will come as a relief, however, rather than relax they should look to make the most of it to sell in the pre-Christmas window, especially as it may prove to be only temporary reprieve.”

Region-wise, average asking prices fell 4.4% month-on-month in the East Midlands, while prices in Greater London dropped 1.5%. The largest rise in house prices was recorded in East Anglia, up 1.3%.

posted by Zane in Buying,Estate Agents,For Sale,Guide,Rightmove and have No Comments

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