UK Money News
23rd June 2008
Sellers forced to cut asking prices
House sellers are being forced to set lower asking prices for their homes as demand in the UK property sector continues to decline.
A study conducted by property portal Rightmove.co.uk found that sellers have been forced to cut their asking prices by an average of 1.2 per cent in June.
The reduction brought the price of the average home down by around £3,000 to £239,564.
As a result of the fall the rate of annual house price inflation has fallen to 0.1 per cent.
Miles Shipside, commercial director of the site, said: "In spite of the lowest housing transactions for 30 years, new sellers had been coming to the market asking record prices.
"It was a mad state of affairs that defied the laws of economics. Thankfully, new sellers are now taking some proactive steps to price more realistically from the outset to attract increasingly hard-pressed buyers."
The slowing in demand was borne out by the study's finding that each estate agent now has some 75 properties on offer, up from 73 in May.
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