UK property prices fall for 3rd mth running, says Rightmove

LONDON: Property asking prices in England and Wales fell for a third consecutive month in September and have lost half the gains they made in the six months of the year, a survey showed on Monday, Sept 20.

Property website Rightmove, which claims to capture 90% of all homes put up for sale across the England and Wales, said asking prices fell 1.1% this month, following drops of 1.7% in August and 0.6% in July.

The annual rate of growth slipped to 2.6% from 4.3%.

Rightmove's findings chime with other surveys showing house prices have stumbled in recent months — something commentators have blamed on increasing supply and nervousness ahead of large government spending cuts.

However, supply pressures eased in September, according to the Rightmove survey, with the number of properties coming on the market falling to its lowest since April. Miles Shipside, Rightmove's director, said September's survey could be interpreted in different lights.

"The 'double-dippers' will be able to point to a clear downward trend, with new sellers dropping their asking prices for three months on the bounce," he said.

"Conversely, we are also recording the lowest weekly run-rate of fresh sellers since April. This will give some ammunition to those forecasting a flatter price trajectory as it could be an early sign of fresh supply beginning to wane. — Reuters