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16 August 2010

Asking prices down in August, say Rightmove

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by Kay Mitchell

Asking prices down in August, say Rightmove

There is further evidence of a subdued housing market after property website, Rightmove, reported a fall in asking prices in August.

According to Rightmove, asking prices for residential property in England and Wales fell by 1.7% in the 4 weeks to 7 August – the second consecutively monthly fall.

The group attributes the fall to a surge in new instructions, which is outstripping buyer demand.

The latest fall takes the average price of a home listed on Rightmove from £236,000 to £232,000.

Miles Shipside, Rightmove’s commercial director, comments: “There needs to be a spur to cause prices to rise, but as mortgages won’t become available to the masses, and last year’s shortage of housing stock on the market shows no sign of reappearing, we can’t see it happening during the remainder of 2010.”

He continued: “For the market to gain some more headroom, we need to see mortgage approvals running at over 50 per cent of new listings. But for the last few months, this figure has struggled to consistently hit 40 per cent.”

Today’s figures from Rightmove are consistent with many other reports relating to the housing market.

Many experts have suggested the market will remain subdued for the rest of the year, as a result of supply outstripping demand, as well as the ongoing lack of mortgage availability.

Furthermore, activity is expected to slow as major spending cuts announced by the Government are likely to dent consumer confidence.

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