Sellers drop house prices to attract buyers - Mortgages - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Sellers drop house prices to attract buyers

Sellers drop house prices to attract buyers

Category: Mortgages

Updated: 17/09/2012
First Published: 17/09/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

UK house prices fell for the third consecutive month between August and September, as the nation was distracted by the London 2012 Olympic Games.

Sellers attempted to claw back prospective buyers' interest by dropping their prices by an average of 0.6%, pushing the average house price down to £234,585.

According to the figures released by Rightmove, properties are entering the market £11,000 cheaper compared with three months ago, dashing many sellers' hopes of achieving a good price for their home.

Annually, house prices rose by 0.7%. Despite being a rise, the yearly difference reflects the fact that the housing market remains subdued.

Housing market analyst at Rightmove, Miles Shipside, said: "In truth, the state of the housing market is little different now to this time last year, and prices have stagnated as neither buyers or sellers have been forced to change their behaviours in sufficient quantities to stimulate greater activity."

What Next?

Find the best mortgage rate - Compare best selling mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Homemover numbers fall for first time since 2011

The mortgage market enjoyed a record year in 2016, so it may come as a surprise to hear that the number of people moving home has fallen for the first time in five years, with fewer apparently taking advantage of the market.

2016: the best year for remortgaging since 2009

Remortgaging has certainly seen a surge in activity of late, helped in no small part by the dramatic drop in mortgage rates over the last year, so much so that 2016 as a whole proved to be the best year for the sector since 2009.

Homeowners underestimate remortgaging savings

Remortgaging has been enjoying a surge in popularity in recent months, and considering how much you could save, it’s a no-brainer! Unfortunately, many fail to realise the extent of potential savings, which could mean too few make the switch.
 
Close