Property prices drop by £5k

People selling their homes have cut the asking price by an average of more than £4,300 in the past month to catch the eye of a dwindling number of buyers, according to a report published today.

The latest monthly survey from the property website Rightmove says the number of unsold properties has reached record levels as the market grinds to a halt. The report says the average asking price in England and Wales has dropped to £235,219, down from £239,564 in June. That was the second monthly fall in succession after a drop of £3,000 in June.

Rather than selling in a poor market, aproperty owner has decided to let her two-bedroom flat in west London, and jump feet-first into the rental market herself.

Like others, she wanted to keep her stake in the London market. If her rural idyll didn’t work out she could return to the capital, or if prices started to rise she could sell. “But I love it here,” she says. “Last week I joined in the village croquet tournament, and people are so kind and friendly.” Her son Alexander is 18 and just about to go to university, so she feels she can do what she wants. “I only wish I had done it earlier. I think when the market recovers I will sell and buy something up here.”

 

Category: Property News