Average price tag of homes fell by £10,000 over summer, property giant claims
How ‘savvy’ home sellers are luring in buyers
- The average asking price for a home in Britain has fallen by over £10,000 this summer, with a 1.3 per cent (£4,969) drop recorded in August alone, bringing the average to £368,740.
- Rightmove identifies a 'two-speed market' where properties priced realistically find a buyer in an average of 32 days, compared to 99 days for those requiring a price reduction.
- Just over a third (34 per cent) of properties currently for sale have had their prices reduced, indicating that some sellers are initially listing their homes too high.
- Colleen Babcock, a property expert at Rightmove, remarked “savvy summer sellers” have adjusted their asking prices to be more competitive “to really stand out and attract serious and active buyers”.
- Despite the price declines, the number of sales being agreed is 8 per cent higher than this time last year, and the number of homes for sale has increased by 10 per cent.