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Homeowners drop asking prices for first time in 2011

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  • 18/07/2011
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Homeowners drop asking prices for first time in 2011
UK homeowners lowered their asking prices for the first time in 2011 as the average number of unsold properties rose to its highest level in July, according to Rightmove's house price index report.

Rightmove said that asking prices fell an average 1.6%, or £3,797, in July following a 0.6% rise in June, while 70% of properties put on the market remain unsold – the largest number of properties for sale that it has ever recorded for July.

In London, asking prices have fallen for properties new to the market, down by 1.4% to an average of £432,641.

The number of new sellers also fell, down by 12% compared to a year ago, with many owners unable to raise the deposit to fund their next move.

The average house throughout the country is priced at £236,597.

Miles Shipside, director of Rightmove said that, with seven out of ten properties marketed this year still unsold, sellers in the second half of this year would need to do something different to catch elusive buyers.

He said: “Many equity poor aspiring sellers will be trapped in their current homes, either unable to come to market or stuck on the market and unable to reduce to a price that will attract buyer interest.

“Those that are equity rich have an opportunity to increase their chances of success by launching to the market at a price below their over-priced and stale competition.”

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