Fastest drop in house prices for four years, says Rightmove
Monday, 21 November 2011 10:21
New figures from Rightmove have demonstrated a sharp decrease in house prices as a result of economic uncertainty and concerns about the state of the eurozone.
The website's report showed people hoping to sell properties had to drop their asking price by an average of £7,528 in the last month. This is equivalent to 3.1 per cent and represents the biggest monetary fall since December 2007, as well as the third largest percentage fall ever seen by Rightmove.
It was also noted that there had been a 13 per cent decline in new sellers coming to the market since the previous month, or 11 per cent when compared with November 2010.
Miles Shipside, director of Rightmove, said there is a growing reluctance to make big financial decisions at present, which has led to the usual seasonal slowdown in housing market activity coming early this year.
"Markets dislike uncertainty and so do people who are deciding whether or not to enter the property market ... It's no great surprise that those who have braved the stormy conditions have had to accept a substantial 'haircut' on their asking prices," he commented.
"However, that does mean there are opportunities for those who are able to buy," Mr Shipside remarked.
This comes after recent figures from Halifax found that house prices were down by 0.3 per cent in the three months to October when compared with the previous quarter, hitting £163,311.
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