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21 September 2009

Rightmove reports fall in asking prices on year

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by Kay Mitchell

Rightmove reports fall in asking prices on year

Asking prices are up 0.6% in the last four weeks compared with one month earlier, according to Rightmove, the property website.

However, Rightmove announced that asking prices for homes in England and Wales are, on average, 1.5% lower than this time last year with asking prices at £223,996, after a 2.2% fall in August.

The fall comes as stock dwindles due to fewer homeowners putting their homes on their market, as they wait and see what happens in the market.

According to the property website, ten properties are being taken off the market for every eight coming on, with would-be sellers put off due to lack of supply and lenders requiring substantial deposits.

Miles Shipside, Rightmove director, comments: “Confidence is up, stock is down, and the number of people searching is high.

“There are lots of positives but too few buyers can put down the 40% deposits that are needed in order to secure the best mortgage deals,” he adds.

Mr Shipside concludes: “Many aspiring sellers could face years trapped in their homes until values rise enough for them to join the equity-rich club.”


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