Rightmove reports major fall in asking prices

Property website, Rightmove, has today reported a major fall in asking prices in November – as vendors cut their prices amid desperation to sell their property before the Christmas slowdown.

According to Rightmove, asking prices for residential property in England and Wales fell 3.2% in the month – the biggest drop since December 2007.

The property website also noted that there was an “unseasonably high number” of unsold properties on the market as buyer demand continues to weaken.

Rightmove also highlighted that the length of time it is taking to sell a property is 102 days – the longest period on record.

Buyers have adopted a “wait and see” approach as uncertainty continues to surround the economy and the Government’s spending cuts make prospective buyers cautious.

Meanwhile, the latest asking price fall takes the average price of a home listed on Rightmove is £229,379.

Meanwhile, Rightmove said estate agents now had an average of 77 properties on their books.

Miles Shipside, director of Rightmove, comments: “The combination of high unsold stocks, the mortgage famine, a shaky economy and the normal winter slowdown gives an ideal scenario for bargain-hunting buyers.”

Today’s report by Rightmove will add to the pressure on the already struggling housing market and suggests that buyer demand will continue to be weak, which will ultimately drive prices down further.