Fall in prices despite pent up demand
Asking prices for property new to the market have dropped by 1.7 per cent over the last month, according to Rightmove.
The price fall affects 117,000 new properties added to its site so far this month – a surprisingly high total and the highest figure Rightmove has recorded for August since the market peaked in August 2007.
The drop follows a 0.6 per cent fall in asking prices last month.
Miles Shipside, commercial director of Rightmove, says: “No one really wants to come to market in August unless they have to.
“It shows these new sellers have a compelling need to sell, as they have lopped over £4,000 off the average asking price. Those who marketed earlier in the year but have yet to find a buyer may have to do a bit of pruning of their own to beat this new competition.”
But he added that pent-up buyer demand is illustrated by record daily activity on the site, with 25.4 million pages viewed on August 10.