Sellers slashing prices at fastest rate in four years

In a fresh blow for the housing market, a study published today reports the largest drop in asking prices for four years as sellers slashed prices at a rate of £140 a day.

The Rightmove house price index shows that sellers' average asking prices were cut by an average £4,138 over the month, a fall of 1.7 per cent since June and the first recorded fall since January. The average asking price in July fell to £242,097, from £246,235 the previous month.

Further depressing news included in the study is the fact that there were twice as many sellers as buyers.

Miles Shipside, director of Rightmove, said: "In all but the most stock-starved micro-markets seller levels substantially outnumber those of proceedable buyers."

The figures come hot on the heels of LSL's downbeat index published on Friday which reported that house prices fell for the first time on a monthly basis since last year and that transaction levels fell to the second lowest monthly level since 1995.

A study from accountants PricewaterhouseCooper published at the end of last week also painted a gloomy picture for property market prospects.

Its UK Economic Outlook suggested that by 2015 house prices will still be around eight per cent lower than they were in 2007.

Chief economist John Hawksworth predicted that it won't be until 2020 that there will be a gradual ease in credit conditions. He warned: "Over the next couple of years, we expect the UK housing market to remain relatively flat while economic uncertainty persists, particularly in relation to the eurozone crisis."

In the short-term the bad weather – along with the eurozone worries - will continue to hit house sales, warned Mr Shipside.

Research into buyer behaviour on the Rightmove website shows that potential buyers spend an average of just 2.7 seconds looking at a seller's summary adverts.

Discover more property articles at Homes and Property
Suggested Topics
PROMOTED VIDEO
Arts and Entertainment
Preening: Johnny Depp in 'Mortdecai'
filmMortdecai becomes actor's fifth consecutive box office bomb
News
peopleWarning - contains a lot of swearing
Travel
travel
Arts and Entertainment
arts + ents
News
people
Property search
Property search
Have you tried new the Independent Digital Edition apps?
iJobs Job Widget
iJobs General

Austen Lloyd: Commercial Property Solicitor - West London

Excellent Salary: Austen Lloyd: WEST LONDON - An excellent new opportunity wit...

Recruitment Genius: Florist Shop Manager

£8 - £10 per hour: Recruitment Genius: A Florist Shop Manager is required to m...

Recruitment Genius: Appointment Maker / Telesales

£15000 - £26000 per annum: Recruitment Genius: One of the UK's leading supplie...

Recruitment Genius: Trainee Field Sales Executive - Dereham

£25000 - £30000 per annum: Recruitment Genius: This organisation is proud to b...

Day In a Page

Syria crisis: Celebrities call on David Cameron to take more refugees as one young mother tells of torture by Assad regime

Celebrities call on David Cameron to take more Syrian refugees

One young mother tells of torture by Assad regime
The enemy within: People who hear voices in their heads are being encouraged to talk back – with promising results

The enemy within

People who hear voices in their heads are being encouraged to talk back
'In Auschwitz you got used to anything'

'In Auschwitz you got used to anything'

Survivors of the Nazi concentration camp remember its horror, 70 years on
Autumn/winter menswear 2015: The uniforms that make up modern life come to the fore

Autumn/winter menswear 2015

The uniforms that make up modern life come to the fore
'I'm gay, and plan to fight military homophobia'

'I'm gay, and plan to fight military homophobia'

Army general planning to come out
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign

What the six wise men told Tony Blair

Months before the invasion of Iraq in 2003, experts sought to warn the PM about his plans. Here, four of them recall that day
25 years of The Independent on Sunday: The stories, the writers and the changes over the last quarter of a century

25 years of The Independent on Sunday

The stories, the writers and the changes over the last quarter of a century
Homeless Veterans appeal: 'Really caring is a dangerous emotion in this kind of work'

Homeless Veterans appeal

As head of The Soldiers' Charity, Martin Rutledge has to temper compassion with realism. He tells Chris Green how his Army career prepared him
Wu-Tang Clan and The Sexual Objects offer fans a chance to own the only copies of their latest albums

Smash hit go under the hammer

It's nice to pick up a new record once in a while, but the purchasers of two latest releases can go a step further - by buying the only copy
Geeks who rocked the world: Documentary looks back at origins of the computer-games industry

The geeks who rocked the world

A new documentary looks back at origins of the computer-games industry
Belle & Sebastian interview: Stuart Murdoch reveals how the band is taking a new direction

Belle & Sebastian is taking a new direction

Twenty years ago, Belle & Sebastian was a fey indie band from Glasgow. It still is – except today, as prime mover Stuart Murdoch admits, it has a global cult following, from Hollywood to South Korea
America: Land of the free, home of the political dynasty

America: Land of the free, home of the political dynasty

These days in the US things are pretty much stuck where they are, both in politics and society at large, says Rupert Cornwell
A graphic history of US civil rights – in comic book form

A graphic history of US civil rights – in comic book form

A veteran of the Fifties campaigns is inspiring a new generation of activists
Winston Churchill: the enigma of a British hero

Winston Churchill: the enigma of a British hero

A C Benson called him 'a horrid little fellow', George Orwell would have shot him, but what a giant he seems now, says DJ Taylor
Growing mussels: Precious freshwater shellfish are thriving in a unique green project

Growing mussels

Precious freshwater shellfish are thriving in a unique green project