Economy

House prices fall despite hopes for autumn lift

House prices fall despite hopes for autumn lift”

This month's average fall in new asking prices has been led by a 2.9% drop in London, and smaller falls in all other southern regions. While the autumn traditionally sees prices pick up after a summer lull, this year had the first month-on-month decline in September in four years as values in London slumped.

Robert McLaughlin, sales director at Kinleigh Folkard and Hayward in London, who was quoted in Rightmove's report, said: "We've advised sellers in many locations across London that the current market requires sensible and realistic pricing".

Rightmove said there is still an under-supply of properties, but the number of sales being agreed by agents is up 4.8% on previous year.

Annual house-price increases are now about half the rate of pay growth, which, Rightmove says, will give buyers much-needed relief from an erosion of their spending power.

"Estate agents are clearly advising many sellers that they have to lower their price expectations to fit in with buyers' stretched financial resources, with that price compromise hopefully generating extra buyer interest".

The average stock per branch is 60, including those under offer or subject to contract.

Rightmove, the online property portal, said that the asking price of homes coming to the market had fallen by £3,660, or 1.2 per cent, this month.



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