MoneySavingExpert.com homepage
Cutting your costs, fighting your corner
Chair, Martin Lewis · Editor, Marcus Herbert
Search bar closed.
MSE News

Big drop in house asking prices

houses
Press Association
Press Association
Editor
20 August 2012

House sellers dropped asking prices by the biggest percentage recorded for August as would-be buyers became engrossed in the Olympics.

Property search firm Rightmove says asking prices saw an "aggressive" 2.4% month-on-month drop, slipping to £236,260 on average. This compares with a typical fall of 1.1% it has measured in August over the last 10 years.

Its website also saw plunges of up to 50% in its traffic at key Olympic moments as house-hunters became distracted by sporting events.

It warned as the tough economy continues, sellers will have to "compete hard" to attract buyers this autumn, when activity traditionally picks up after the summer lull, if they want to move house before Christmas.

No regions across the study, which covers England and Wales, saw a month-on-month increase in asking prices, the first time this has happened since November last year.

The only region with no falls on a monthly basis was the north west of England, where prices were flat at £163,002. Prices dropped by their biggest percentage in the south east, where they fell by 4.2% month-on-month to £302,628.

Prices in London, which has had strong interest from overseas buyers, saw a large 8.8% increase year-on-year to reach £454,875. But on a monthly basis, prices fell by 1.2%.

On a year-on-year basis, prices across England and Wales were 2% higher in August than they were a year ago.

House asking prices

Forum image
MSE Email 16 July 2024

For all the latest deals, guides and loopholes simply sign up today - it’s spam free!

25 summer savers
Home & away
Missing £1,000s in childcare help?
Millions are
Beat the £100 water bill rises
Five ways to save
Five financial must-knows
Not usually on MSE
Overpaid student loans
Can you reclaim £100s?
Barclaycard customer?
Stop interest DOUBLING
£50 Tesco Clubcard bonus
Can you get it?
Tools and calculators

Clever ways to calculate your finances

Find your odds of getting top cards
Find your odds for getting a cheap loan
Compare broadband, phone & TV deals
Compares thousands of mortgages
Eight calcs to help you work out the cost
We ensure you’re on the cheapest tariff