Rightmove: Sharpest July UK House Asking Price Fall For 4 yrs
--Rightmove July UK house asking prices -1.7 m/m; +2.3 y/y
LONDON (MNI) - House sellers' asking prices dropped by 1.7% on the month in July, the sharpest monthly fall for a July for four years, according to a Rightmove survey.
July is typically a weak month in the Rightmove data series. Rightmove recorded a 1.6% fall on the month in July last year and a 0.6% fall in July 2010, with no seasonal adjustment of its data.
The contrast between new sellers and buyers was particularly striking in this survey, with sellers almost double buyers at a ratio of approximately 2:1. With this summer's Olympics, the grim weather and the lag of the credit crunch, people were less likely to go for house viewings, Rightmove said.
"Those who have been on the market for many months might consider the prospects of achieving a sale to be somewhat of an Olympian challenge given that actual sales completions are just half what they were five years ago," 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 "July" survey based on June data.
The July survey covered properties posted on the Rightmove website between June 10 and July 7, comprising 90% of the UK market.
-London newsroom: 4420 7862 7491; email: firstname.lastname@example.org -Sarah Mewes Economics Reporter NTKN: (0)207 862 7484