House prices 'are set to drop this year'
House prices 'are set to drop this year'
Thursday, 22, Jul 2010 09:00
The average price of a house in the UK is set to drop in the second half of 2010, according to a leading property website.
A recent report from Rightmove confirmed that house sellers had lowered their asking prices for the first time this year, reflecting a fall of 0.6 per cent.
Reacting to this news, the founder of Briffy.com David Amstell said that it was no surprise to see asking prices lowered, considering the depressed nature of the market.
Prices will only drop if there are no interested buyers and mortgage funding can still be difficult to obtain, Mr Amstell explained.
The peak season for house buying is over and the market will remain in the "doldrums" until December.
He continued: "There will still be properties on the market and there still will be buyers but it is not at the full strength - it is like a tap being turned on half.
"The full strength of the market is finished now for this year."