Rightmove: House price falls accelerating
Rightmove has warned that the average value of a UK home fell more in June than at any other time this year.
While other price indices from Halifax and Nationwide have already pointed to eight consecutive months of price falls, this latest report suggests the situation is far from improving.
The average asking price for a UK home fell a full 1.2 per cent against May's level, down to £239,564 according to Rightmove.
Britain's most popular property website went on to warn that people with property for sale in London are among the worst-hit from the current downturn, with prices falling on average 1.4 per cent.
And while Rightmove commercial director Miles Shipside suggested the news would "go some way to helping buyers," he stressed that it also underscored volatility in the market and desperation among sellers.
"Because of the mortgage famine, obviously fewer people are able to afford to buy," the property expert told Bloomberg. "Sellers are now realising they've got to compete more aggressively on price."
Published 23rd June, 2008
© 2008 Estates IT Limited
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Rightmove has warned that the average value of a UK home fell more in June than at any other time this year.