Asking prices drop 1.7%

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by Gill Montia

House sellers coming to market in July cut asking prices by 1.7% (an average £4,138) marking the largest price drop in the month for four years.

According to Rightmove, new sellers are currently outnumbering successful buyers by nearly two to one, with miserable weather plus Olympic distractions adding to the “summer selling challenge”.

The property portal also reports that potential buyers take only a cursory glance a seller’s summary advert before deciding whether or not to take their interest further.

Those keen to sell should therefore gather market intelligence and discover what it takes to improve their property’s quality, value and appeal and make a positive impression in just 2.7 seconds.

At £242,097 the average asking price is still up 2.3% on the year (June: +2.4%) but unsold stock levels remain stubbornly high, typically at 75 homes per estate agency branch.

Stock levels have now risen for five consecutive months as new seller numbers outstrip the number of properties sold or taken off the market.

Rightmove director, Miles Shipside, comments: “Those keen to sell this summer should consult their local estate agent about what it takes to improve their property’s quality, value and appeal to be one of the best in class.”

He adds: “Sellers should ask their estate agent if their property is worthy of a medal in terms of the three P’s: Price, Presentation and Promotion.”