Following the publication of the Rightmove Property Asking Prices Survey, Chris Brown, President of the National Association of Estate Agents, said:

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Home sellers are recognising the need for more drastic action in getting their homes sold and have listed their properties with estate agents at asking prices 2.9% lower than those last month according to new figures from Rightmove.

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The downward trend in asking prices continues, with new sellers now marketing at 4.9% less than 12 months ago, the largest year-on-year fall ever recorded by Rightmove. At the same time, “property vultures” are circling, looking harder and longer for a good deal.

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New sellers during July are putting their properties onto the market in at prices 2.3% (£5,403) lower than in June as they continue to fight the slowdown in the housing market.

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New sellers coming to the house market have, on average priced their properties at over £4,000 less than the previous month according to the latest data from Rightmove.

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Home sellers’ expection of the price they will be able to obtain when selling their property is lowering, reports the Rightmove June House Price Index.

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New-to-market sellers, not facing financial distress, are testing the market at prices now in excess of the peak of the boom and ignoring the consequence of ever-tightening mortgage availability.

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Rightmove’s latest house price index for April has reported that sellers are finally recognising that a decade of rising prices has come to an end.

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Average asking prices rose by 0.8% (£1,799) during March with new sellers being described as ‘ignorant of the current market reality’.

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Optimism remains robust amongst the fewer sellers who came to the market over the last month, according to the latest housing data from Rightmove.

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