House asking prices drop again

Posted on 21 January 2008 by Charcol

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The average asking price for a house has fallen for the third month in a row, but more people are active in the market, according to the latest figures from Rightmove.

The online estate agency's house price index shows that asking prices have declined by 0.8% in the five weeks to 12 January, taking the average price to £230,428. The annual rate of house price inflation dropped to 3.4%, its lowest level for two years.

Echoing its claims for the previous month's figures, Rightmove said that the fall had been exaggerated by a rush of smaller, cheaper properties coming onto the market as sellers avoided the December deadline for Home Information Packs (HIPs).

However, activity in the market seemed to recover after the traditionally quiet pre-Christmas period, with visits to Rightmove's website in the first two weeks of January said to be up by a fifth on the same period in 2007.

Rightmove's commercial director, Miles Shipside, commented: "Some properties have had their prices dropped by 10% or more and are now within reach, satisfying some of the pent-up demand from previously disenfranchised buyers."

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