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Monday, August 18, 2014

Rightmove's August data

Another pointer to a slowing market, with Rightmove' August asking price data showing a drop of 2.9% (-£7,758), according to the property portal this is the biggest August drop  they have recorded.

The drop was largely caused by a 5.9% fall recorded by the London properties released on to the market, another sign of the cooling of the capitals over-heating market, with the average asking price  nearly £10,000 from its peak in June.

Miles Shipside, Rightmove director and housing market analyst comments: 

“New seller asking prices are good lead indicators of the current mood of the market, and those who have put their property up for sale in the last month are obviously aware that potential buyers are thinner on the ground at this time of year and need to be tempted to act by cheaper prices. A drop in August is typical but it’s steeper than expected this year for two reasons. Firstly, both buyers and sellers are becoming increasingly aware about personal finances, given that the cost of mortgages are going up and regulators are trying to bring availability down. This limits what buyers are willing or able to pay, and helps moderate sellers price expectations. The second factor is 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. Holidays always cause a big price reverse in the capital, but there is also a massive year-on-year jump in the number of newly-marketed properties, up 20% compared to August last year, and double the figure seen in any other region. More sellers and fewer buyers mean price falls.”

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