House Prices DROP In July-August

Well I never. After all that media frenzy about house prices rising, albeit by a tiny amount, it seems that house prices have actually fallen in the last few weeks.

The Telegraph cites a report from Rightmove which found that sellers dropped their asking prices by an average of 2.2% – sometimes in excess of £5000.

Rightmove blames the slump on the traditional summer slowdown of the housing market, combined with the continued lack of mortgages available. After the incredibly slow growth of the last few months, it seems that those who forecast further price drops were right. Despite this, all signs point to the market being relatively stable – if nothing drastic happens in the outside economy, we may not see considerable swings one way or the other over the coming months.