Fall in prices de­spite pent up de­mand

Yorkshire Post - Property - - PROPERTY -

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.

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