Competition amongst house sellers peaks - Mortgages - News |

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

Competition amongst house sellers peaks

Competition amongst house sellers peaks

Category: Mortgages

Updated: 20/08/2012
First Published: 20/08/2012

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 It is now over 6 months old so the content may be out of date.

As the nation's attentions turned to the 2012 Olympic Games, house sellers dropped their asking prices by 2.4% during August in a bid to compete with the event and each other.

The reduction of 2.4% is the largest August fall ever recorded, suggesting sellers were keen to distract buyers' attention from the Olympics and increase the potential to sell their home. The average house price in August was £236,260, much lower than the £242,097 recorded in July.

According to Rightmove, who conducted the research, 127,992 new properties emerged onto the market. This was up from August 2011 by 0.4%, as sellers pushed to sell their homes before the typical house selling season draws to an end.

Miles Shipside, Rightmove director and housing market analyst, commented: "The Olympics may have focused the nation's attention on sporting goals in the last month, but for over 120,000 new sellers their goal was to sell their property.

"One would perhaps expect some sellers to have postponed their marketing plans until after the Olympic distractions, though with more 'working from home' it may have given them an opportunity to begin their property move a few weeks earlier in readiness for the hoped-for upturn in buyer activity in the lead up to Christmas."

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 Any products featured may be withdrawn by their provider or changed at any time.