Market stagnant as most homes not selling
Monday, 18 July 2011
12:36 PM
Seven out of ten houses put up for sale since the start of the year are still on the market, according to new figures released today.
According to the Rightmove House Price Index, July was the first month this year when sellers dropped their overall asking price.
The study said asking prices dropped by 1.6 per cent this month, or £3,797 on the £236, 597 price of an average home.
This was the largest July fall for more than three years, the Index said.
Miles Shipside, director of Rightmove, said: “Summer sellers are more nervous about their selling prospects than the early birds who asked ever higher prices during the first six months of this year.
“Early sellers in 2011 had a chance of worming their way into the more active spring market, whereas those coming to market now at the onset of the holiday season have to price more aggressively as many buyers have already gone to ground.”
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