Property asking prices fall £7,000 in August as more sellers come to market

The 2.3 per cent fall from July leaves the average asking price at £301,973

Average property asking prices dropped by more than £7,000 in August as more sellers came to the market, new data have shown.

The 2.3 per cent fall from July leaves the average asking price at £301,973, according to property website Rightmove.

Asking prices typically fall in August as more sellers arrive in the peak summer holiday month.

However the fall this year was slightly higher than the 2.1 per cent drop recorded in August 2017.

With properties typically taking 13 weeks to sell, Rightmove advised those wishing to move before Christmas to act now.

Last week separate figures from Your Move suggested average house prices in England and Wales had fallen for a fifth month in a row in July.

Miles Shipside, Rightmove director and housing market analyst, said: “Sellers who come to market in the peak holiday month often have a pressing need to sell and price down accordingly, and are offering ‘summer sale’ prices to entice holiday-distracted buyers.

“The market started its most recent cyclical price upturn in 2010, and since then the average price of property coming to market has gone up by 32 per cent, stretching buyer affordability. More substantial discounts are therefore required to tempt warier buyers, with higher house prices also tightening the purse strings of lenders.

“With lacklustre average wage growth, more buyers are bumping up against the tighter lending criteria brought in four years ago following the Mortgage Market Review, which were intended to prevent another boom and bust cycle.”