Asking prices for properties new to the market have tumbled 2.9% over the last month – equivalent to £7,758 and the biggest monthly fall Rightmove has ever recorded in August.
The drop was exacerbated by a 5.9% fall in London asking prices – the third consecutive monthly fall there.
The average asking price is now nearly £10,000 less than June’s peak, Rightmove said this morning, and cuts annual asking price inflation to 5.3%.
Rightmove’s Miles Shipside said of the turnaround in London: “Having forced national average prices up for the last two years, it’s now pushing them down with three falls in a row, and a real biggie this month.”
He also said that there was a “massive” jump in the number of properties coming on to the market in London – up 20% on a year ago.
Asking prices for newly marketed properties have dropped on a monthly basis in all regions apart from the north, where they have risen 0.5%.
In East Anglia, there was a significant 4% drop, while in the south-east, asking prices went down by 2.5%, in Yorkshire & Humber by 2.4%, in the south-west by 2.1% and in Wales by 2%.
Even with the falls reported today, Rightmove’s average asking price – currently £270,159 – remains markedly above the ‘actual’ prices reported by lenders Halifax and Nationwide, which are currently £185,159 and £188,949 respectively.
Rightmove has also launched a ‘house price trendometer’ which shows asking prices county by county since 2001.
It can be found here:
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