UK Money News
21st July 2008
Asking prices down 1.8% in July
Asking prices for houses are continuing to fall in July, as weakening demand impacts on the market.
Rightmove's latest figures reveal that asking prices have fallen by 1.8 per cent in July so far.
The decline equates to a monthly drop in value of just over £4,000, bringing the average price of a property down to £235,219.
As a result of July's decline, house prices have now fallen by two per cent over the last 12 months.
Miles Shipside, commercial director of the site, said: "Sellers are finally recognising that they need to undercut their rivals from the outset, rather than testing the market and dropping prices later.
"While this £4,000 reduction is on top of a £3,000 drop last month, sellers' pricing needs to be at the level where deals are being done.
"It could be a lot better outcome to price aggressively and sell now, rather than accept a bigger reduction later as prices continue to fall."
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