Average asking prices fell by 0.4% in June – the first fall in four months according to a new report
A fall in asking prices by 0.4% was recorded by Rightmove in June, the first fall in five months, said the property website. Still, asking prices are still up 6% overall in 2009, fuelled by a shortage of saleable property and the equity rich calling the bottom of the market.
Supply and demand differ widely between the north and the south of the country, according to the report, as supply in the south east becomes increasingly limited (down over 50% on this time last year), which buoys prices, as opposed to the north which has over 33% fewer properties, serving to keep prices more depressed.
* For more news stories like this every week subscribe and save
Miles Shipside from Rightmove was quick to warn that the market is not yet back to its normal behaviour: ‘It is a mistake to confuse the upturn in enquiries and sales with a return to a more normal market. While conditions are much improved on the darkest days of last year, we are now starting to see some big distortions and wild swings due to the combined effects of recession and mortgage availability,’ he said.
* More news on the property market and house prices
-
A spectacular, light-filled home on the Isle of Wight where you can see the water from practically every windowPenny Churchill takes a look at the grand and impressive Fishbourne Quay House.
-
Downtown Abbey is about to finish forever, and you're about to get a chance to see — and to buy — the costumes from the showDownton Abbey's exquisite costumes and props are going on show at a free exhibition ahead of a sale being held by Bonhams later this summer.
