New asking prices slip in August’s ‘mini cool-down’

Asking prices for properties new to the market fell this month for the second time this year, Rightmove reported

The fall was 0.9% – less than the 1.2% drop in August last year.

New asking prices have dropped every August for the last seven years, by an average of 1.2%.

Stock rose from 60 to 61 properties per agent, while the average time to sell also increased from 60 to 61 days.

However, eight English counties are enjoying a mini-boom. For example, new asking prices in Northamptonshire have increased annually 9.1% to £256,642 and 7.9% in Derbyshire to £200.819.

Norfolk’s new asking prices are up 7.4% to £260,425.

Miles Shipside, director of Rightmove, said: “With a shortage of suitable choice in many parts of the country, buyers are becoming increasingly adept at hunting down property that fits their budget, ticks the boxes on their checklist and stirs their emotions.

“Properties in the counties that have seen above-average price rises over the last year are clearly meeting the needs of home-hunters at relatively affordable prices. Conversely, sellers in the counties performing below par are having to ask for lower prices in order to sharpen up the appeal of their properties.”

Commenting on the figures, Brian Murphy, head of lending for the Mortgage Advice Bureau, said: “For many, the report may make for quite reassuring reading, as it would appear that although there was a marginal decrease in asking prices last month, this is normal.

“It’s quite likely that this ‘mini cool-down’ probably represents those who are marketing their properties over the summer months being well intentioned vendors, e.g. keen to sell due to lifestyle factors, hence pricing their properties competitively.”

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Written by: Houseladder