Rightmove have reported their monthly price trend today and it shows that in July, asking prices fell by 2.1% compared to the month before.
The East Midlands saw the biggest annual decline at 5.3%. And despite a buoyant time of late, London, still up 3% on the year, saw a slip of 3.4% on a monthly level.
The market has been creaking to a halt with over expectant sellers and cautious buyers of late, a stalemate that may now be giving a little. With more property on the market in the UK than for some years and fewer buyers, there is a need for realism when pricing propelry and that applies to property owners but particularly estate agents too, many of whom delight in providing over optimistic values as a flattery tool to entice sellers their way.
It’s interesting to note that as a national average, actual sale prices (rather than asking prices as referred to above) have dropped 15% since 2007 whilst Rightmove’s asking prices remain pretty much as they were back then.
A gap that is unsustainable and certainly the root cause of transaction levels being half what they were in better times.