Its latest figures showed the average asking price fell in August by 2.2% or £5,102 to £222,762 which was the biggest monthly fall recorded this year. The fall echoed the 2.3% decline seen in August 2008.
Rightmove said sellers in summer months tend to be more “aggressive” in lowering prices as they need to sell to a smaller pool of buyers.
Miles Shipside, commercial director at Rightmove, says the figures show prices will bump along the bottom before returning to consistent growth.
He said: “After several months of activity and prices revving upwards from last winter’s low point, both will start to hit the limiter without more mortgage finance. In spite of pent-up demand, the market and pricing is boxed in by restrictive lending criteria put in place to ration mortgages given the lack of funds available to lenders.”
Rightmove measured 82,700 asking prices of properties put on sale by estate agents between 12 July and 8 August.
