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Average Asking Prices Fall for the First Time in 2011

LONDON July 18, 2011

 

Rightmove have recorded that the average monthly asking price for property coming to market has fallen for the first time this year. After six consecutive months of rising prices, July has seen a fall of 1.6% (£3,797), eating into the gain of 8.1% over the first half of the year. With around 70% of property marketed so far in 2011 still on the market, new sellers will need an edge over their competition to increase their chances of sales success.

property

This is the largest July fall for three years, since the 1.8% recorded in 2008. Sellers at this time of year traditionally show more pricing restraint than those in the first six months of the year, and we expect further falls over the next few months as buyer momentum ebbs away due to a combination of seasonal factors and a continuing lack of both mortgage finance and buyer confidence.

Rightmove’s research shows that the first week of marketing creates nearly double the interest of any subsequent week. It is therefore vital to set your initial price at the right level to take advantage of the impact made by a fresh property.

Shipside advises: "The highest level of interest in your property will be in the first week it comes on the market-and first impressions count. It’s often hard for sellers to be objective about their cherished property, so it’s important to look dispassionately at the three Ps: Presentation, Price and Promotion."

June 2011 http://www.rightmove.co.uk/news/house-price-index mortgage calculator

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SOURCE Rightmove Group Ltd

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