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August sees slowdown in property price drop

  • 17/08/2015
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August sees slowdown in property price drop
The slowdown in August property prices has been minimised by an imbalance in the number of new sellers and homebuyers in the market, research from Rightmove shows.

The research found that the seasonal fall was smaller than usual, with the price of property coming to market down 0.8% – equivalent to a £2,258 fall.

This fall was much smaller than the average August, the firm said. In the years since the financial crisis property prices have typically dropped 1.5% during the month, compared to 1% recorded in August this year.

A shortage of new sellers and a larger number of active buyers helped minimise the summer slowdown, although many buyers are becoming increasingly frustrated.

Asked why they had not started the buying process, househunters said they could not find anywhere suitable to buy, could not afford the cost of moving and were unable to find property’s at the right price.

Miles Shipside, Rightmove director and housing market analyst, said a shortage of housing stock had minimised price falls this year.

“While new seller asking prices have been muted by the traditional summer holiday property slowdown, the underlying shortage of property coming to market compared to buyer demand has helped to deliver the strongest August price performance since before the credit crunch,” he said.

“Buyers can normally pick up some bargains in August as sellers who are marketing their homes when they should be holidaying often have a pressing need to sell and mark their prices down pretty aggressively. At 0.8% down on the previous month, this is the least generous that sellers have had to be for eight years and a clear sign of upwards price pressure in the pipeline.”

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