Monday, June 23, 2008

And the downward spiral continues!

U.K. House Prices Drop the Most This Year, Rightmove Says

June 23 (Bloomberg) -- U.K. house prices declined by the most this year in June as buyers shunned the market, deepening Britain's property slump, Rightmove Plc said. The average asking price for a home dropped 1.2 percent from May to 239,564 pounds ($473,000), Britain's most-used property Web site said in a statement today. Prices in London declined 1.4 percent. On the year, the cost of a U.K. home rose 0.1 percent. ``New sellers are now taking some proactive steps to price more realistically from the outset, to attract increasingly hard-pressed buyers,'' Miles Shipside, commercial director of Rightmove, said in a statement.

Posted by flintster1994 @ 07:49 AM (979 views)
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4 thoughts on “And the downward spiral continues!

  • ” On the year, the cost of a U.K. home rose 0.1 percent”

    Classic!
    They’ve rolled out the 0.1% again.

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  • Rightmove’s shares have been battered over the last few weeks and these are their unaudited figures.

    Miles away from reality.

    Gluteus maximus speak!

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  • “New sellers are now taking some proactive steps to price more realistically from the outset”

    Shipside shows his total lack of understanding yet again.

    If the Nationwide and Halifax are showing falls in prices at the time of sale, but asking prices are falling at a lower rate, then it is clear that sellers are becoming less realistic, not more so.

    How can anyone suggest that sellers are being realistic, when asking prices are 30% higher than the Land Registry stat for sold prices?

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  • need-a-crash says:

    @3. UT I agree:

    House near me asking price has been lowered twice since coming on the market in Feb 08. Having gone for some ridiculous figure to start with, they’re now back to Aug 07 prices (ie. peak of the boom) and instead of now factoring in the declines since then, they’ve changed estate agents!

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