Asking prices see first fall of 2011

Property asking prices have fallen by 1.6% in July in the first drop seen this year, new figures from Rightmove show.

The number of unsold properties listed with estate agents has also soared to a record high, a report from the property website said.

After six successive monthly increases, average asking prices fell by £3,797 to £236,597 during the month. It is the biggest drop for July since 2008 when the prices slid by 1.8%.

Homeowners are being prompted to lower their prices because of weak demand, which has meant nearly seven out of 10 properties arriving on the market this year have failed to sell.

Estate agents currently have an average of 78 homes on their books - an all-time high for this time of the year.

Rightmove director Miles Shipside said: "Summer sellers are more nervous about their selling prospects than the early birds who asked ever higher prices during the first six months of this year."

Back to blog home


All content is for informational purposes only and is the opinion of the author. Nothing on this website should be interpreted as "advice". Money Dashboard Ltd make no representations as to the accuracy, completeness, suitability or validity of any information on this site and will not be liable for any errors or omissions or any damages arising from its display or use.

Related articles

Download app
Important Information: Money Dashboard Neon and Classic mobile and web apps are now closed as of 31/10/2023. Please see our FAQs for more information.