–Rightmove August UK house asking prices -2.4% m/m; +2.0% y/y
LONDON (MNI) – House sellers’ asking prices dropped by 2.4% on the
month in August, the largest monthly fall ever recorded in this
month, according to a Rightmove survey.
August is typically a weak month in the Rightmove data series.
Rightmove recorded a 2.1% fall on the month in August last year and a
1.7% fall in August 2010, with no seasonal adjustment of its data.
Rightmove said that the Olympics did not deter new sellers from
coming to market during August, with 127,992 properties coming to market
during the month, up 0.4% on August 2011.
“Estate agents are always aiming to win new seller instructions,
but if what’s already on the market isn’t shifting then the best advice
they can give to potential new sellers is to undercut those properties
already failing to sell. With a few more summer sellers around, it seems
agents are being a bit blunter on valuations in local markets where
summer buyers are scarce,” commented Miles Shipside, Director of
Rightmove.
Rightmove put out its monthly surveys ahead of the pack of UK
housing market releases, with much of the “August” survey based on July
data.
The August survey covered properties posted on the Rightmove
website between July 8 and August 11, comprising roughly 90% of the UK
market.
-London newsroom: 4420 7862 7491; email: wwilkes@marketnews.com
[TOPICS: MABDA$,MABDS$]
