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Sellers drop house prices to attract buyers

Sellers drop house prices to attract buyers

Category: Mortgages

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 It is now over 6 months old so the content may be out of date.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."

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