Average Asking Prices Fall for the First Time in 2011

LONDON, July 18, 2011 -

Rightmove have recorded that the average monthly asking price
for property coming to market has fallen for the first time this
year. After six consecutive months of rising prices, July has seen
a fall of 1.6% (£3,797), eating into the gain of 8.1% over the
first half of the year. With around 70% of property marketed so far
in 2011 still on the market, new sellers will need an edge over
their competition to increase their chances of sales success.

Miles Shipside, director of Rightmove, comments: “Summer sellers
are more nervous about their selling prospects than the early birds
who asked ever higher prices during the first six months of this
year. Early sellers in 2011 had a chance of worming their way into
the more active spring market, whereas those coming to market now
at the onset of the holiday season have to price more aggressively
as many buyers have already gone to ground. With seven out of ten
properties marketed so far this year still on the market, sellers
in the second half of 2011 need to do something different to
promote their property
and increase their chances of catching those elusive buyers.”

This is the largest July fall for three years, since the 1.8%
recorded in 2008. Sellers at this time of year traditionally show
more pricing restraint than those in the first six months of the
year, and we expect further falls over the next few months as buyer
momentum ebbs away due to a combination of seasonal factors and a
continuing lack of both mortgage finance and buyer confidence.

Rightmove’s research shows that the first week of marketing
creates nearly double the interest of any subsequent week. It is
therefore vital to set your initial price at the right level to
take advantage of the impact made by a fresh property.

Shipside advises: “The highest level of interest in your
property will be in the first week it comes on the market-and first
impressions count. It’s often hard for sellers to be objective
about their cherished property, so it’s important to look
dispassionately at the three Ps: Presentation, Price and
Promotion.”

For further statistics and to download the Rightmove June 2011
House Price Index please visit -
www.rightmove.co.uk/news/house-price-index. To calculate
your mortgage repayments visit our href="www.rightmove.co.uk/mortgage-calculator.html">mortgage
calculator

Rightmove Press Office, press@rightmove.co.uk,
+44(0)207-087-0700

.