Home asking prices down by 0.6%

Home asking prices recorded their first drop of 2010 in July following a flood of new properties in the market, according to a new report.

Property website Rightmove said average asking prices in England and Wales in the four weeks to July 10 were down 0.6% to £236,332.

The group said the price gains during the first half of the year - a 7% rise since January to a peak average value of £237,767 in June - are likely to be wiped off by the end of the year as a strong buyer's market emerges.

Figures show that the number of new homes being put on sale each week reached an average of 30,000 in July - 45% more than during the same period last year.

The average number of properties estate agents have on their books also rose for the fifth month in a row to reach 77, the highest level since August 2008.

As a result, there are now five new properties on the market for every two potential buyers who have a mortgage approved.

Miles Shipside, commercial director of Rightmove, said: "More aggressive pricing is now the order of the day, which means that conditions are ripe for a strong buyers' market in the second half of 2010."

Back to blog home

Disclaimer

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.
FAQs
1