20 Jun

Drop in asking prices revealed

Drop in asking prices revealed

Asking prices for properties across England and Wales have declined for the first time since June 2009.

Data from Rightmove shows property prices dropped by 0.4 per cent over the past month and are 1.8 per cent lower when compared to a year ago.

The largest downturn in asking prices was seen in the South East and the West Midlands, with London reporting a 2.4 per cent drop, 0.9 per cent in the South East and 0.8 per cent for the West Midlands.

Some regions did see a more positive trend, with a 0.6 per cent rise in the East of England, 0.7 per cent in the North West and 0.8 per cent in Wales.

Miles Shipside, Rightmove director and housing market analyst, believes the ongoing political uncertainty could be having an impact on the industry.

He added: “It now seems certain that we will have continuing political uncertainty, which the housing market traditionally dislikes, and with the first fall in June prices for eight years there is no doubt that the lack of stability is a factor.

“The price of property coming to the market had increased in June in every year since 2009, so buyer confidence has clearly been affected by inflation outstripping their pay packets and current political events.”

However, demand does remain high in some areas, with the number of people looking to step on to the property ladder increasing as first-time buyers continue to play an important role in the market.ADNFCR-1222-ID-801836997-ADNFCR

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