Asking prices 'fall by 1.2%'

The asking price for property in the UK has fallen by 1.2 per cent from last month, according to new figures.

Research by Rightmove found that the average price that sellers are asking home buyers to meet now stands at £239,564, which is a change of 0.1 per cent from last year.

It was also revealed that the ratio of buyers to available property in the UK has also doubled year-on-year to 15 to one.

Miles Shipside, commercial director of Rightmove, said that the sellers were not taking "proactive steps to price more realistically" and attract buyers to their properties.

He added: "With approximately half the mortgage funds available, homes have to stand out to attract the half of buyers that can still buy."

Recent research by SmartNewHomes.com found that first-time buyers in particular have not been put off entering the property market by the credit crunch.

According to the study, only 13 per cent had been discouraged from looking to buy a property due to the current economic conditions.

back