Asking prices fall dramatically in August.
Rightmove is calling it a “late summer sale”… asking prices slashed 2.3% in a single month, and points to a historic trend for motivated vendors trying to attract holiday-distracted buyers in the weeks before autumn. Furthermore, slow wage growth and tougher lending criteria aren’t helping. In London, asking prices were slashed 3.1% July to August, leaving them 1.2% down on a year ago, with an average 67 days to sell a property (slower only in the north east). The picture for first-time buyers was further enhanced by landlords exiting the market, with starter homes priced at there keenest in three years. Get your own copy of the report here.